The Department of Energy would be asking President Rodrigo Duterte to create a task force that will tackle possible oil supply problems, following a recent attack in Saudi Arabia's production facilities.
Energy Secretary Alfonso Cusi earlier said that the Philippines would not have any supply disruptions, but that the effect will likely be felt through fuel prices. For now, Abad said that the increase in retail pump prices set to take effect Tuesday is lower than expected. The DOE projected an increase of about ₱2.50 per liter for gasoline, but fuel companies have announced a ₱2.35 per liter hike in fuel rates.He added that oil prices are likely to"normalize" in the next two weeks barring any surprises in the global market. This came after Saudi Aramco said it expects to restore full production by end-September.
Cusi has been actively pushing for the state to build up its strategic fuel reserves for emergency cases, which may be tapped for the use of the military, police, government offices, and hospitals as needed. "I think the best way for us to really have a safety net is for the government to at least have 1 to 2 million barrels . We consume only around 450,000 barrels a day, and it only takes 10 days before you have a new supply either from Taiwan or Singapore," Martinez told lawmakers on Monday.
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