Building on initial import talks, the Philippine National Oil Co. (PNOC) has begun procuring two million barrels of diesel from global markets—doubling the planned buffer to 10 days' supply—Finance Secretary Frederick Go announced. Batches are expected this week.
Speaking at the InvestPH conference in Taguig City, Go said the move dispels oil shortage fears through a prudent strategy of multiple suppliers. Following Energy Secretary Sharon Garin's prior announcement of outreach to Russia—enabled by the US suspension of sanctions—and traditional sources like South Korea, Japan, Singapore, and China, PNOC-EC initiated the process. Garin affirmed sufficient fuel stocks until April. On Sunday, Go and Garin met with 16 oil companies to discuss emergency measures, lower prices, and diversified sourcing. 'The primary objective is to create buffer stock and procure at lower prices,' Go stated. He noted the Bangko Sentral ng Pilipinas may tighten monetary policy if oil prices remain elevated due to the US-Israel war on Iran. Meanwhile, Malacañang has left decisions on repealing the Oil Deregulation Law (RA 8479) to Congress, with Senate President Vicente Sotto III filing Senate Bill 1984. 'It is high time to give back to the state the authority to manage fuel prices,' Sotto said.
