Gov’t Assures Ample Supply of Oil Amid Russian Invasion of Ukraine

Department of Energy (DOE) Secretary Alfonso G. Cusi said on Wednesday that ample supply of oil is available for the country.

The assurance of the energy chief comes as concerns for unstable supply of oil and the skyrocketing of oil prices may hit the Philippines amid the Russian invasion of Ukraine, a conflict that has disrupted the supply of oil in the European region.

Cusi’s assurance is on the supply of oil, as the country primarily sourcing crude oil from the Middle East.

“We are not lacking in supply given that we source our crude oil requirements primarily from the Middle East, and finished products from Asia-Pacific. However, the impact of the Ukraine crisis on international oil markets does have a direct effect on our prices,” Cusi said at the virtual Kapihan sa Manila Bay Forum with Marichu Villanueva.

However, Cusi warned against the inevitable increase of oil prices in the country, which is reflective on the global market trend.

The energy chief also called for actions that will lessen the dependence of the Philippines on other nations for petroleum products.

“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,” Cusi said.

The government as been taking steps to alleviate the effects of the global market movements, such as the implementation of the Land Transportation Franchising and Regulatory Board’s PHP2.5 billion “Pantawid Pasada Program” in the 2022 budget, along with the Department of Agriculture’s PHP500 million fuel discount program for farmers and fisherfolk would also help mitigate the impact of the oil price hikes. (GFB)