THE Philippines’ fuel inventory is deemed adequate in the event of any disruption to the oil market, though energy-efficiency efforts remain necessary as prices continue to rise, Energy Undersecretary Felix William B. Fuentebella said on Wednesday.
“As far as the prices are concerned, they are going up, but as far as the supply is concerned, it is there. It’s more of how we go about our business that we don’t spend much (to add to our) costs,” Mr. Fuentebella said during the Rizal Commercial Banking Corp. virtual Sustainability Forum.
As of Feb. 7, the Department of Energy’s Oil Management Bureau estimated the petroleum products inventory at 2,435,536.0 thousand liters (2,436 million liters), including in-transit volumes. The supply of diesel is equivalent to 36.0 days, gasoline 44.2 days, kerosene 81.7 days, Jet A1 42.5 days, fuel oil 55.2 days and liquefied petroleum gas (LPG) 23.8 days.
Mr. Fuentebella added: “if we look at what’s happening outside (of the country), prices will go up, but… the supply is there so you won’t worry much,” he added.
He added that the government has no control over international oil prices.
On Tuesday, petroleum product prices increased for an eighth consecutive week, with the price raised P0.80 per liter for gasoline, P0.65 for diesel, and P0.45 for kerosene.
Since the start of the year, fuel prices have increased by P8.75 per liter for gasoline, P10.85 for diesel, and P9.55 for kerosene.
Oil prices have risen due to geopolitical tensions between Russia and Ukraine. — Marielle C. Lucenio
