Philippines not facing oil supply issues, DOE assures lawmakers

This file photo shows a taxi cab refueling at a gas station.

Walter Bollozos, file

MANILA, Philippines — (Updated 5:00 pm) The Department of Energy said anew on Monday that the Philippines is not experiencing any oil supply issues as local oil firms announced yet another round of price hikes driven in part by Russia's invasion of Ukraine.

The energy department said, however, that the rising prices are a cause for concern and should prompt a review of oil deregulation, which has relied on competition among oil firms to keep prices stable. 

"We don't have any problems with supply. We're covered by our inventory [which has reserves that can last for] 30, more than 40 days," Energy Undersecretary Gerardo Erguiza told lawmakers in Filipino at a House hearing on the fuel price increases.

Full  Story: https://www.philstar.com/headlines/2022/03/07/2165574/philippines-not-facing-oil-supply-issues-doe-assures-lawmakers