DOE secures new oil supply amid rising pump prices

The Department of Energy (DOE) said on March 30 that fuel inventory climbed to an average of 50.94 days as of March 27, up from an earlier 45-day supply, following efforts to secure imports from alternative sources.

Executive Secretary Ralph Recto said the Marcos administration has ordered around one million barrels, or more than 165 million liters, of diesel from various countries. 

According to the DOE, additional deliveries from Malaysia, Singapore, North Asia, India, and Oman are planned throughout April. 

The first cargo from Japan, which included 22.6 million liters, arrived last week.

“What this tells us is clear, that we have supply. What we have consumed last week was replenished and even increased,” said DOE Secretary Sharon Garin.

She added that the current inventory levels provide a buffer for replenishment, noting that gasoline stocks are nearing 60 days, while other fuel products also maintain steady supply levels.

“Most of the orders coming from Southeast Asia take about a week or 10 days to reach the Philippines, so there’s more than enough time,” the Energy Secretary said.

Petroleum firms raised prices starting on March 31 despite the improved inventory. In certain locations, the price of kerosene increased by P2.00 per liter, diesel by up to P12.50 per liter, and gasoline by up to P2.50 per liter.

Due to supply route disruptions caused by the ongoing confrontation between the United States, Israel, and Iran, especially with the partial closing of the Strait of Hormuz, a vital route for international oil supplies, fuel prices have risen to all-time highs.

“Dapat sana matipid tayo para hindi mabilis maubos ang ating fuel, because we don’t know where the war is going,” Garin added.

Since the state lacks its own storage infrastructure, the DOE said it is still developing standards for the distribution of government-procured oil through private oil companies while also researching potential price control methods.

Meanwhile, rising fuel prices have triggered protests from transport groups, including jeepney drivers, as concerns grow over a prolonged conflict that could further strain global supply and push domestic prices higher.