Global oil price movements may lead to a rollback in pump prices next week, Energy Secretary Sharon Garin said, citing early signs of a downward trend in the market.
In an interview, Garin noted that while recent trading days show favorable movements, she stopped short of making firm projections. She said the three-day trading trend suggests prices have either stabilized at lower levels or continue to decline.
The Energy chief also assured the public that the country’s fuel supply remains sufficient, with around 50 days’ worth of oil inventory and steady weekly deliveries.
For liquefied petroleum gas (LPG), however, reserves are slightly lower at about 36 days, she added.
Garin emphasized that the government is prioritizing fuel allocation for power generation to maintain energy stability, with power plants receiving top priority in fuel distribution.
She also said authorities are closely reviewing fuel-related policies, including possible adjustments to excise taxes on petroleum products, which are still under evaluation by the Development Budget Coordination Committee.
Meanwhile, Garin clarified that fuel stocks procured through the Philippine National Oil Company are not being sold, stressing the need to maintain buffer reserves.
She also pointed to infrastructure limitations in expanding national reserves beyond current capacity, noting that storage constraints prevent stockpiling beyond roughly 60 days.
The Department of Energy said it continues to monitor global oil markets and domestic supply conditions as it balances affordability, energy security, and infrastructure capacity.
