Global oil price movements point to a possible rollback in pump prices next week, Energy Secretary Sharon Garin said Thursday.
In an interview over Super Radyo dzBB, Garin said current market signals suggest a downward trend in oil prices, although she stopped short of making firm projections.
“Mukhang may pag-asa (oil price rollback),” she said, noting that recent trading days showed favorable movement.
(There appears to be hope for an oil price rollback.)
“Ang 3-day (trading) mukhang maganda naman pero ayaw ko lang muna mag-predict ngayon pero ang trend niya mukhang nag-stay siya sa mababa o bumababa pa,” she added.
(The three trading days look good, but I don’t want to predict yet; the trend seems to be staying low or even going lower.)
Supply
“Ngayon 50 days (oil stock), tapos may mga dumarating, every week may mga dumarating namang bagong supply natin,” she said.
(We currently have about 50 days of oil stock, and new supply continues to arrive every week.)
For liquefied petroleum gas (LPG), she said inventory levels are slightly lower.
“Pinakamababa iyong LPG, 36 days (stock),” she noted.
(LPG has the lowest inventory at 36 days.)
The Energy chief added that the government is prioritizing fuel allocation for power generation to ensure energy stability.
“Ang unang-una, ang priority talaga… will be on the power plants kasi ‘yun ‘yung pinaka-priority in terms of fuel,” she said.
(First and foremost, the priority will be power plants, as they are the top priority in terms of fuel.)
She also said the government is closely monitoring fuel-related policies, including potential adjustments to excise taxes on petroleum products, which are still under evaluation by the Development Budget Coordination Committee.
“They are still evaluating kung anong gagawin sa diesel, gasoline o sa mga ibang excise tax natin,” Garin said.
(They are still evaluating what to do with diesel, gasoline, or other excise taxes.)
Fuel stocks
Meanwhile, Garin clarified that the government is not yet selling fuel stocks acquired through the Philippine National Oil Company (PNOC), emphasizing the need to maintain buffer supply.
“We don’t want anyone making money out of the oil na nabili ng PNOC,” she said.
She also pointed out infrastructure limitations in expanding reserves beyond current levels.
“We cannot force them to have more than 60 days… walang area na paglalagyan… ‘yun lang talaga ‘yung capacity ng buong bansa,” she added.
(We cannot force more than 60 days of supply because there is no space or depot capacity; that is currently the country’s limit.)
The Department of Energy continues to monitor global oil markets and domestic supply conditions as it balances affordability, energy security, and infrastructure constraints. —Sherylin Untalan/ VAL, GMA News