The Department of Energy recently issued an advisory requiring oil and gas firms in the Philippines that own, lease, or operate depots and terminals to declare available storage capacity. This directive is part of the DOE’s efforts to monitor the fuel supply levels of the country.
The latest update on the Philippines’ fuel supply indicated that it would last for around 50 days on average across all fuel products. Individual supply levels were 54.38 days for gasoline, 48.9 days for diesel, 36.27 days for liquefied petroleum gas, and 104.73 days for kerosene.
Speaking on their advisory to oil players, the DOE said: “This measure is part of the government’s proactive efforts to ensure stability, adequacy, and efficient distribution of the country’s fuel supply amid ongoing global energy market disruptions.”
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The department has warned that non-compliance may lead to sanctions as deemed appropriate, such as fines or permit cancellations.
For now, oil shipments continue to arrive in the Philippines from alternative sources such as Malaysia and Russia. The pace of deliveries have been sufficient to replenish fuel consumed, maintaining the 50-day supply.
Motorists experienced some relief earlier this week with the first fuel rollback since the conflict in the Middle East began. Price movements for next week, however, are still in the air. Early trading days this week indicated the possiblity of another rollback, but ongoing tensions such as stalled peace talks and an American blockade of the Strait of Hormuz could kick up another hike instead.
