The Department of Energy (DOE) announced on Monday, June 23, that it will hold a series of meetings in response to the expected surge in oil prices this week.
In an interview on Damdaming Bayan, DOE Oil Industry Management Bureau Assistant Director Rodela Romero said the agency continues to monitor the oil supply to ensure that the country has enough products available.
"Patuloy po 'yung ginagawang monitoring ng Department of Energy. Sinisigurado po natin na mayroon tayong sapat na supply ng petroleum products na magagamit sa bansa," said Romero.
Romero clarified that the move is being made despite the absence of a supply directive from the international oil market. However, she emphasized that the DOE is ready to ensure that oil companies have sufficient stocks.
"Gayunpaman nakahanda po tayo na siguraduhin natin na itong mga petroleum companies natin may talagang imbak ng petroleum products. At the same time, may mga naka-set meeting po kami ngayon para 'yung mga sinasabi natin na mukhang mataas na adjustment—mapakiusapan po natin na baka pwedeng gawing staggered po 'yung implementation."
According to Romero, a staggered implementation could help soften the impact by spreading the increase over time. For instance, instead of a one-time P5 increase, it could be divided—P2.50 this week and the rest later.
"’Yung presyo naman po, may naka-set na meeting na po kami sa oil companies ngayong umaga para i-discuss 'yung staggered implementation para hindi naman po mabigat sa bulsa kaagad," the DOE said.
The DOE has also scheduled a meeting with the Department of Transportation (DOTr) to discuss the government’s fuel subsidy program following the oil price hike. Romero said the trigger for this subsidy is when Dubai crude—the country’s benchmark—reaches $80 per barrel.
The DOE will also meet with the Land Transportation Franchising and Regulatory Board (LTFRB), as it will handle the implementation of the subsidy for the transport sector.
Moreover, there will be a separate fuel subsidy for farmers and fishermen, which will be coordinated with the Department of Agriculture (DA).
"Naka-set po 'yung meeting para malaman po natin kung ano talaga 'yung status ng nasabing fuel subsidy kasi sila po 'yung implementor," said Romero.
Romero added that there will also be separate meetings with various oil companies, as each company offers different promotions and discounts to consumers.
"Magandang ma-post po natin sa website natin para makita po ng ating mga mamimili kung saan sila pwedeng makakamura," said Romero.
Earlier, DOE Secretary Sharon Garin conducted an inspection and found that there are 28 days' worth of gasoline supply, around 26 days for diesel, and 102 days for kerosene.
Romero explained that oil companies are required to maintain a minimum inventory requirement (MIR), and all are currently compliant—many even exceeding the requirement.
