DESPITE turbulence in the global oil market, lawmakers were told Wednesday that the country is not facing an immediate fuel shortage, with the Department of Energy saying supply remains manageable while the government works to reinforce reserves and contain the impact of rising prices.
That assurance was delivered at the first hearing of the House’s Legislative Energy Action Development Council, the 13-committee body assembled to map out a unified response to the oil shock now hitting transport, power and food-related costs.
Energy Secretary Sharon Garin said the public should not read the current supply figure as a countdown to depletion, but as the normal lead time for replenishment.
“Currently, our supply is on average 50.42 days. It’s not like we’re finished after 50 days. It’s the time for us to get replenishment of what we consume,” Garin told the panel formed under Speaker Faustino “Bojie” Dy III.
She added that shipments from principal suppliers are still coming in, despite the disruption caused by conflict abroad.
“So far, there has been minimal disruptions. Most of them are delivering,” she said.
As part of its stabilization effort, the government has moved to increase its reserves.
“The government decided to purchase two million barrels. So far, we have procured one million,” she said.
Still, Garin acknowledged that the country’s ability to store more fuel remains constrained, with nationwide capacity limited to around 60 days.
She also told lawmakers that the DOE cannot impose price ceilings under the oil deregulation law, even as it steps up enforcement against market abuse.
“To mandate a certain price or cap a price, that’s beyond the powers of DOE (Department of Energy), but we make sure there’s no profiteering,” she pointed out.
According to Garin, the government has already acted on early reports of profiteering and hoarding through inspections conducted with local governments and law enforcement.
She said consumer relief is likewise being pursued through administrative and voluntary measures rather than direct regulation.
We advocate for staggering and discounts. We’re pushing them to have more discounts for our PUVs (public utility vehicles),” Garin said.
On the power front, she said government intervention has helped trim what could have been a much sharper increase in generation charges.
“Instead of a four-peso increase, it will only be one peso,” Garin said.
She also reported that 1,471 megawatts in renewable energy capacity are being rushed forward to lessen the country’s exposure to unstable imported fuel sources.
Garin ended by stressing that conservation now has to be treated as part of the crisis response itself.
“If we have 50 days today, if we save 50% on fuel efficiency, the 50 days can be 75 days.”
She cited Earth Hour, which cut 145.5 megawatts in one hour, as proof that reduced consumption can buy the country more breathing room.
