By Dean Aubrey Caratiquet
On the heels of the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) Committee meeting led by President Ferdinand R. Marcos Jr. early Tuesday, the Department of Energy (DOE) outlined some of its accomplishments this past week.
At the Palace press briefing, Energy Secretary Sharon Garin recalled recent developments such as the announcement of a significant oil price rollback and the President’s suspension of excise taxes on liquefied petroleum gas (LPG) and kerosene.
Garin moreover reiterated the Chief Executive’s instructions, which are to not only focus on stabilizing fuel prices but also to ensure that the country has sufficient supply of petroleum products for consumption by the citizenry.
She expounded, “Ang supply po natin is we are averaging at about 50 days…50 days average on all the products. For LPG is 36, for kerosene is 105 days, then diesel is 49 days, and then gasoline is 54 days.”
Also, she noted that domestic supply remains subject to developments in the Strait of Hormuz and availability of oil in other oil-producing countries, “Yesterday, we confirmed an order together with PNOC (Philippine National Oil Company)—we have made an additional order yesterday morning, and I think it will reach about 50 days by today also on average.”
When asked about plans to extend the embargo previously granted by the United States, permitting the importation of Russian crude to augment the domestic fuel supply, the Energy chief deferred the question to the Department of Foreign Affairs (DFA).
As of press time, the DFA has yet to receive a response from Philippine representatives in Washington. However, Garin said that the government is receptive to the diversification of countries where it will purchase additional barrels of fuel.
Secretary Garin meanwhile, emphasized that oil prices in the international market remain volatile, owing to the fickle nature of the geopolitical situation in the Middle East and the iron grip of Iran over the Strait of Hormuz, which is reflected in the prices of fuel dispensed at local pumps.
“Pababa, paakyat, then umaakyat na naman. So will it continue? I cannot tell you because it depends on the tweet of President Trump, kung anuman sasabihin niya, it has an effect. Unfortunately, it has an effect on the trading prices diba?”
The Energy chief wrapped up her remarks by reiterating the agency’s actions towards reducing the country’s dependence on diesel imports by investing on solar rooftop projects, net metering, and tapping into renewable energy sources to power the grid.
She likewise encouraged the citizenry to do their part in the nationwide quest to cut down on energy consumption in offices and in households across the archipelago.
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