Department of Energy Secretary Sharon Garin stated that the Philippines faces no oil crisis, as fuel supply remains adequate despite record-high prices. She attributed the issue to rising global oil prices, not shortages. The DOE is monitoring distribution and warning against hoarding.
In Manila, Department of Energy Secretary Sharon Garin maintained that the Philippines is not facing an oil crisis, emphasizing adequate fuel supply exceeding 30 days' worth, which allows time for additional imports if needed. “There is no crisis in terms of supply. The problem is the price. The DOE and even oil companies cannot control the international market,” she said over radio dzMM yesterday. She added, “When we say crisis, it means there is no supply. That is not the case.” Oil firms raised diesel prices up to P114 per liter yesterday, with hikes of P20.40 to P23.90 for diesel, P12.90 to P16.60 for gasoline, and P6.90 to P8.90 for kerosene. Garin explained that the deregulated oil industry lets companies set their own prices. “Deregulation means it is free for all. There are no fixed rules on pricing, so companies compete and set their own prices,” she said. Fuel can be sourced from traditional suppliers or farther markets like the United States, Russia, and Canada, though more expensive. Discussions continue for imports from Russia, but the window is only until April, per the Department of Foreign Affairs. The DOE is monitoring fuel distribution and warning against hoarding, which could lead to penalties. Meanwhile, groups plan a transport strike over the price impact, backed by Bagong Alyansang Makabayan.
