Bilyonaryo - Business

Petron, Shell assure gov’t no hoarding of petroleum products

March 4, 2022

Bilyonaryo.com

The country’s oil firms assured Energy Secretary Alfonso G. Cusi there would be no hoarding of petroleum products in the wake of the Russia-Ukraine crisis.
Cusi met with downstream oil industry players for a collective strategy to ensure the sufficient supply of petroleum products amid steep global prices driven the Russia’s invasion of Ukraine.
Participants to the emergency meeting include officials from the DOE, Philippine Institute of Petroleum, Pilipinas Shell, UniOil, Petron, Chevron Philippines, FilOil, Phoenix Petroleum, SeaOil, Apex Petroleum, Jetti, and Liquigaz.
Cusi said in a statement he was reassured by the oil players that his concerns regarding potential hoarding were “highly improbable” due to the “elasticity of fuel demand and pre-programed product deliveries”.
“Once again, the government and private sector must band together and make things happen. We are all consumers, and we must exhaust all available options to make things easier for the consuming public. I wanted to meet you so we could discuss our strategies, and of course, to listen to the concerns and suggestions of the industry players on how the DOE could help you during this time,” said Cusi.
Cusi emphasized that strict compliance of the industry players to the Minimum Inventory Requirement, as well as all relevant quality and quantity standards, are critical components of the country’s energy security.
Executive Order No. 134 provides that oil companies and bulk suppliers need to maintain at least 15 days’ worth of petroleum products’ supply, and a minimum stock equivalent to seven days for liquefied petroleum gas.
Refiners, on the other hand, must secure a minimum inventory of crude oil and refined petroleum products equivalent to 30 days.
According to the DOE-Oil Industry Management Bureau, inventory data as of February 28 showed sufficient supply levels (diesel: 44.5 days’ worth, gasoline: 85.4 days, kerosene: 80.2 days, LPG: 27.7 days, jet fuel: 69.9 days, and fuel oil:44.4 days).
Cusi likewise reiterated his long-standing push for the establishment of a Strategic Petroleum Reserve (SPR) to decrease the impact of global supply disruptions.
He also took the opportunity to propose a partnership between the oil companies and the Philippine National Oil Co. that would grant the government access to the former’s available storage capacities in order to fasttrack the SPR.
The industry players asked for DOE’s assistance in increasing public awareness and understanding on the reasons behind the series of recent price spikes.
As part of government initiatives that would help defray fuel costs for the most vulnerable sectors of society, Cusi cited the Land Transportation Franchising and Regulatory Board’s “Pantawid Pasada Program” which provides fuel subsidies to qualified members of the public transport sector. About P2.5 billion has been allocated for this program.
He also cited the unprecedented P500 million program of the Department of Agriculture that would extend fuel discounts to farmers and fisherfolk.

Related News Tags: Alfonso G. Cusi, Petron, Russia-Ukraine crisis, Shell

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