The Philippines may experience an oil supply shortage soon

Unless you’ve been living under a rock, one of the problems we’ve been dealing with domestically is the continuous rise in fuel prices. Ever since the start of 2022 gasoline has gone up Php 8.00USD 0.14INR 12EUR 0.13CNY 0.99 while diesel increased a wallet pinching Php11.00USD 0.19INR 16EUR 0.18CNY 1 (ouch).

As if things couldn’t get any worse — according to the Department of Energy (DOE) — there’s a chance that the fuel supply may experience a disruption. Ergo, fuel prices will continue to increase. While this is of course a cause for panic, the DOE has a plan to counter it. A task force has been set up to assess and come up with contingencies to address the possible internal and external fuel supply disruptions.

DOE-Oil Industry Management Bureau Assistant Director says they are already in talks with other concerned agencies to be able to draft and oil contingency plan for the Philippines. “The DOE is in close coordination with the Philippine National Oil Co. (PNOC) and other government agencies to determine the level of demand or requirements of different sectors, like the transport sector and other industries, to be able to draft the oil contingency plan,” Romero added further.

As grave as the situation seems we’re not alone, due to the ongoing tensions between Ukraine and Russia and the United States of America, not to mention the maintenance work of an oil pipeline in Libya, and oil spills in Ecuador and Kazakhstan.

The DOE was quick to reiterate that the oil contingency plan is just one of the measures it’s taking until such time that the country is ready to put up its Strategic Petroleum Reserves (SPR) program. An SPR is when the country will fill up its fuel reserves to be able to still meet the country’s energy demands despite a crisis in the importation of fuel.

There is no confirmation yet on when the said “crisis” will start, but given that the DOE is taking measures means that the situation might only get worse before it gets better. The good thing is, the DOE is not wasting time in trying to deal with the looming supply disruption.

Pablo Salapantan

Pablo's first word was probably "Car", and this has developed into a personal passion that has consumed his professional life as well.

https://www.yugatech.com/

10 Comments

donald duck says:

3 years ago

Let’s make a correction Gasoline in English is called Petrol short for petroleum this isn’t America let’s not follow the Yanks

The biggest problem to the driver is the cost of petrol is the huge amount of tax that’s added the import duty plus the VAT and any other taxes in between it’s the high cost of taxes that’s killing people’s wallets have not calculated it but at a guess the tax on petrol must be what 50 to 60 percent of the cost and that’s a joke

Reduce the tax reduce the import duty it’s unnecessarily high
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Roc says:

3 years ago

The government should use our own oil pumped from Cebu oil wells and other similar projects. Don’t allow the oil mined from our country be sold to the oil mine operator’s country, at least while there is a shortage.
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Bong says:

3 years ago

Wat da f
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Bong says:

3 years ago

Wat da f
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Shell Caltex says:

3 years ago

Yugatech focus ka lang sa cellphone bro. ??
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Ranjith Rajaram says:

3 years ago

Its 2022 and no one is mentioning EVs and solar charging. And this is a island country more vulnerable to climate change. Go to sari sari stores, everything is sold for 1 peso in single use plastic which will eventually end up in the oceans surrounding you. Reduce fossil fuel dependence and start doing things today towards a sustainable living. Start today by stopping using everything in small plastic bags.
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Marcello Pecchenino says:

3 years ago

What did you say? Let’s not follow the Yanks, if it wasn’t for the Yanks, this would be the Islands of Japan. Plus it was those same Yanks that help build this country. It’s not the Yanks fault for the current oil increase. And if America is do bad, why in the Fuck are you using Donald Duck’s Name ? Before you start spouting Bull Shit, you should think about what you say, or it could make you look like a Quack Donald Duck !
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