With gasoline and diesel prices continuing to trend upward and an ongoing conflict in Europe threatening to make the situation even worse, sweating bullets over the prospect of not being able to fuel up next week is only natural. But is it time to hit the panic button? The local oil industry doesn’t think so.
The Department of Energy (DOE) held an emergency meeting with the local oil industry’s biggest names over the weekend to tackle the state of the country’s fuel supply amidst the ongoing Russia-Ukraine conflict. During discussions, the agency received assurance from local fuel providers that no shortages are expected despite global circumstances.
In attendance were Pilipinas Shell, UniOil, Petron, Chevron Philippines, FilOil, Phoenix Petroleum, SeaOil, Apex Petroleum, Liquigaz, Jetti, and the Philippine Institute of Petroleum. DOE secretary Alfonso Cusi was also present for the discussion.
DOE meets with petroleum companies
“For their part, the industry players assured Secretary Cusi that they do not foresee any supply issue despite the war in Ukraine,” a statement released by the DOE following the meeting reads. Fuel companies also took the opportunity to assure the agency that hoarding would likely not be an issue given the “elasticity of fuel demand and pre-programmed product deliveries.”
The DOE’s Oil Industry Management Bureau also reported that as of the end of February, the Philippines still has 44.5 days’ worth of diesel, 85.4 days’ worth of gasoline, 80.2 days’ worth of kerosene, and 27.7 days’ worth of liquid petroleum gas. The agency also reminded providers that they are required to keep at least 15 days’ worth of stock of gasoline and diesel.
Tell us, do you think local gasoline and diesel prices are nearing their peak, or have we yet to see the worst of the global oil crisis?