President Rodrigo Duterte has tasked concerned government agencies to look for possible sources of oil, Malacañang said Monday, following attacks in Saudi Arabia’s major oil sites that reduced global output.
Analysts claimed that the disruption in the world’s biggest crude exporter may result in increased costs for petroleum products.
“The President said that he had already tasked the concerned government agencies to look for other possible sources of oil to keep our supply sufficient,” Presidential Spokesman Salvador Panelo said.
The Department of Energy earlier said it will ask the President to create a task force to tackle possible oil supply problems after the drone attacks in Saudi Arabia, the top supplier of crude oil to the Philippines last year.
“We will wait for the request and the Palace, the Office of the President, will study it,” Panelo said.
Energy Secretary Alfonso Cusi earlier said that the Philippines will not experience supply disruptions, but claimed that the effect of the attack will likely be felt through fuel prices.
Saudi Arabia’s energy minister earlier said the country will restore oil production output by September.
Over at the Senate, Senator Sherwin Gatchalian said the government is studying the possibility of coming up with a strategic petroleum reserve to cushion the impact of possible oil hike and other problems in case of any eventuality like the recent attack in Saudi’s Aramco.
“This means, we have our own reserve so if there’s a problem, we have our own [oil], we have our own source,” said Gatchalian, adding this would need a law.
Despite the attacks on the oil facilities based in Saudi Arabia, Gatchalian downplayed the possible scarcity in the supply of gasoline and diesel.
“We have enough supplies in the next 30 days. The supply of gasoline and diesel in our country will be continuous because our country has an inventory of oil companies,” said Gatchalian.
He said that the situation in Saudi Aramco is getting better and added that by the end of the month, the destroyed oil facilities will be back in full capacity.
“They also have buffer stock which will give us supply,” said Gatchalian, chair of the Senate economic affairs.
“Ngayon ang presyo, tataas ng konti ang presyo, dahil nakita natin tumaas ang presyo this week pero bababa uli yan next week,” he said.
The senator said the country has many supply of gasoline and diesel, especially with the entry of the United States.
He also believes that the recent increases were justified because of the movement of the price of diesel and gasoline following the attacks in Saudi oil facilities.
But the government, he said, must also ensure that prices of oil products will go down next week due to sufficient supply.
“Temporary lang ang pagtaas ng presyo pero mas importante na masigurado ang pagbaba ng presyo next week,” he added.
