Oil supply in PH enough amid Ukraine-Russia crisis – Cusi

Despite the ongoing crisis between Ukraine and Russia, Energy Secretary Alfonso Cusi told the public on Wednesday that the country’s oil supply is sufficient.

“We are not lacking in supply given that we source our crude oil requirements primarily from the Middle East and finished products from the Asia-Pacific,” he said during the virtual Kapihan sa Manila Bay forum.

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“However, the impact of the Ukraine crisis on international oil markets does have a direct effect on our prices. This is why we continue to appeal to everyone to observe energy efficiency and conservation measures during this critical period,” Cusi added.

According to the Energy Secretary, the Ukraine-Russia situation has highlighted the need for the Philippines to achieve energy security and independence.

“Our country, as an importer of petroleum products, is again at the mercy of global price movements. We must work towards decreasing our dependence on others for our energy needs,” he said.

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The government’s numerous measures to address the issue, according to the Cabinet official, are as follows:

• Constant interaction with oil firms for promotional programs extending gasoline discounts to public transportation.

• The Land Transportation Franchising and Regulatory Board’s implementation of the P2.5-billion Pantawid Pasada Program in the national budget for 2022.

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• The Department of Agriculture’s P500-million fuel discount scheme for farmers and fishers is implemented.

Oil supply in PH enough amid Ukraine-Russia crisis – Cusi

• The DOE’s strict monitoring actions to assure petroleum product supply sufficiency, quality control, and consumer welfare protection.

Cusi emphasized the importance of taking the following steps for long-term solutions:

• The proposed revision to the oil deregulation law will include price unbundling, the addition of Minimum Inventory Requirements, and the grant of government intervention during price spikes and persistent increases in oil product prices.

• The suspension of the fuel excise tax

• Putting in place the required infrastructure for the Strategic Petroleum Reserve

• Ensuring that inventory requirements are met to the bare minimum

• A concerted effort to promote energy efficiency and conservation

President Rodrigo Duterte endorsed his economic team’s recommendations on Tuesday to elevate the domestic economy, stabilize food prices, provide social protection, and distribute gasoline discount certificates to farmers and fishers in the face of rising oil costs.

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