RISING COSTS | DOE assures enough oil supply but prices depend on unstable world market

March 8, 2022 , 09:36 AM

By Beatrice Puente

(March 8, 2022) – The Department of Energy (DOE) on Monday assured that the Philippines has enough supply of fuel products but explained that the costs continue to rise due to the movement of prices in the world market.

DOE undersecretary Gerardo Erguiza Jr. said the country’s oil inventory can still cover up to 42 days. This, however, cannot be enough to keep the oil prices at a low level due to the successive spikes in the global costs driven by the invasion of Russia on Ukraine.

“We are all dependent on the Oil Deregulation Law and our hands are tied because the law states we will start the cost of fuel on the world market price. From there, you add other costs like administrative, operational, insurance, freight, the taxes,” said Erguiza on One News’ The Chiefs.

On Tuesday, fuel companies have implemented another round of oil price hikes, adding P5.85 per liter of diesel, P3.60 per liter of gasoline, and P4.10 per liter of kerosene. Since the start of the year, diesel hiked by P11.65 per liter, kerosene by P10.30 per liter, and gasoline by P9.65 per liter.

Brent crude, the international benchmark, hit a 14-year high at $139 per barrel as Western countries seek to ban oil imports from Russia. But reports said the prices slightly eased after Germany expressed its reluctance to adopt the ban given Europe’s large demand “for the provision of public services.”

Locally, Erguiza said the private oil companies have continued their talks with foreign suppliers to keep the oil supply stable and assured that oil “keeps on coming.” Still, the country’s dependence on the Organization of the Petroleum Exporting Countries and other sources makes the prices expensive.

“We’ve met with the companies and we don’t have any problem with the supply, actually. They have long-term contracts, they’ve already contracted their supplies and they told us that we don’t have a problem with that and that their inventory is also sufficient,” said Erguiza.

He also urged lawmakers to revive the buffer fund. He added that the DOE is exploring the possibility of a strategic petroleum reserve managed by the government.

“That (buffer fund) was used in the past but the concept is, you add the cost when the price of fuel is low and when it hits high prices, then you would apply that to pay the companies for the payments that they give the suppliers of oil,” said Erguiza.

Experts have already called on the government to temporarily ease the excise tax on fuel to decrease the prices. Sectoral groups have also pressed for the faster issuance of fuel subsidies to help public utility drivers, operators, farmers, and fishers.

Calls for fare hikes, meanwhile, have fallen on deaf ears as the Land Transportation Franchising and Regulatory Board has yet to rule on the petitions filed by transport groups.

(PM)

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