The Department of Energy (DOE) assured that the country’s oil supply remains sufficient for the next 30 days despite intensifying tensions in the Middle East, particularly the conflict between Israel and Iran alongside U.S. military involvement.
In an interview with Bombo Radyo Roxas, Energy Secretary Sharon Garin confirmed that local oil companies have stockpiles that can last through the 30-day period.
She added that the government also maintains a strategic buffer stock capable of sustaining demand for an additional 15 days in the event of global supply chain disruptions.
However, Garin acknowledged that there remains a lingering concern over the potential spike in oil prices triggered by the growing geopolitical unrest.
Although the local supply is currently unaffected, she warned of a possible domino effect on global prices if the conflict continues unresolved.
To mitigate risk, the DOE is in continuous coordination with industry stakeholders to ensure supply stability and prevent panic buying among consumers.
The department urged the public to remain calm and avoid hoarding, stressing that the country’s current inventory is sufficient.
Additionally, the DOE is studying measures to ease the impact of any potential oil price hikes, including subsidies or fuel discount programs targeted at affected sectors such as transportation and agriculture.