The country will soon reduce its dependence on imported oil and other petroleum products as the Department of Energy sought to establish the Philippine Strategic Petroleum Reserve Program .DOE Secretary Alfonso Cusi, in a statement Wednesday, Sept. 22, said he issued Department Circular No. DC2021-09-0028 which will serve as the implementing guidelines for the establishment of the PSRP.
According to Cusi, the PSRP will be jointly implemented by the DOE and the Philippine National Oil Company . “This would enable the government to address a severe international supply interruption or to implement the Targeted Fuel Relief Program,” he added. It added that PNOC is also responsible for acquiring the appropriate supply contracts and product type portfolio that allows it to secure the necessary volume to attain the objective of PSRP as well as for establishing the competence to distribute products to the intended purpose of the PSRP—from the transport logistics to the fuel discharge to the end-consumers.
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