Manila Bulletin
DOE tells solons: No problem with fuel supply, it's the price
A Department of Energy (DOE) official stated that the Philippines has sufficient oil supply, with current inventories enough for over 40 days.
The primary concern is the escalating price of fuel products, not their availability.
The country consumes 60 million liters of fuel daily.
The DOE is urging lawmakers to revisit the 1998 Downstream Oil Industry Deregulation Act, identifying it as a root cause of the fuel price problem.
Proposed long-term solutions include unbundling fuel prices, implementing a minimum inventory requirement, increasing government authority over oil price regulation, and temporarily suspending fuel excise tax.
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News Sources
See how different news organizations are covering this story. Below are the original articles from various Philippine news sources that contributed to this summary.
Energy Secretary Alfonso Cusi assured the public that the Philippines has enough oil supply despite the ongoing Russia-Ukraine conflict, as the country primarily sources crude oil from the Middle East and finished products from the Asia-Pacific.
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The House of Representatives is forming an "Fuel Crisis Ad Hoc Committee" to address the escalating domestic fuel prices.
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The Department of Energy (DOE) is asking consumers to report any oil retail outlets charging unreasonably high prices as oil prices continue to rise for the ninth consecutive week.
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Presidential candidate Senator Manny Pacquiao stated that the Department of Energy (DOE) exhibited shortcomings in addressing fuel price hikes, suggesting proactive measures could have mitigated the situation.
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Energy Secretary Alfonso Cusi stated that declaring a state of economic emergency is not necessary at this point to address the rising petroleum prices.
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