Energy Secretary Sharon Garin warned that a potential fuel supply shortfall poses a greater risk than rising pump prices amid Middle East tensions. The Philippines has sufficient fuel supply for April, but the government is focused on preventing depletion. It is exploring alternative sources to sustain oil imports.
In an ANC interview on March 21, Energy Secretary Sharon Garin warned that the worst-case scenario is insufficient or no fuel supply at all. “Worst case really is we won't have enough, or we won't have any,” she said. Tensions escalated since February 28, with the government stating the country has 50 to 60 days of supply. Disruptions in the Strait of Hormuz, carrying 20% of global oil supply, have raised crude oil prices, with some stations selling diesel over P100 per liter. “Mas mahirap 'yung walang wala tayong diesel kaysa sa meron tayo pero mahal,” she explained, noting impacts on public transportation, air and sea travel, and goods delivery. “Kaya we are reaching out to all countries, alternative countries even to make sure na merong darating,” she added on sourcing alternatives amid war uncertainties. The Philippine National Oil Corporation is evaluating multiple offers for 1 to 2 million barrels of contingency reserves, though the government typically relies on private firms' 15-day replenishment cycle. It is willing to pay a premium for availability. Rising prices have prompted the Alliance of Concerned Transport Organization to plan a nationwide transport holiday on Monday, per president Libay de Luna. PISTON staged strikes on March 19 and 20.
