MANILA — No oil crisis Philippines remains the government’s position as Energy Secretary Sharon Garin assured the public that fuel supply is sufficient, even as global market pressures continue to drive prices to record highs.

Garin clarified that the country is not facing a shortage of petroleum products, emphasizing that the current concern is the rising cost of fuel rather than availability. In an interview, she explained that a crisis would imply a lack of supply, which, she said, is not the case at present.

According to the Department of Energy (DOE), the Philippines maintains sufficient fuel reserves that can last for more than 30 days. This buffer, Garin noted, provides enough time for the government and private sector to secure additional imports from alternative suppliers if needed.

Fuel prices, however, are expected to increase significantly this week. Industry estimates indicate that diesel prices could rise by as much as ₱20 to ₱23 per liter, while gasoline prices may go up by ₱12 to ₱16 per liter. Kerosene is also projected to see an increase ranging from ₱6 to ₱8 per liter.

Several oil companies have announced staggered price adjustments over multiple days, a move Garin said is allowed under the country’s oil deregulation policy. Under this system, fuel firms are free to set their own prices based on market conditions, leading to variations across different brands.

Garin explained that deregulation promotes competition among oil companies, which results in differing pricing strategies depending on each firm’s supply costs and business decisions. She added that neither the government nor oil firms have direct control over international oil prices, which are largely influenced by global supply and demand dynamics.

To address supply concerns, the government is exploring additional sourcing options from countries such as the United States, Russia, and Canada, among others. Discussions are also ongoing with regional suppliers, including Indonesia, China, South Korea, Singapore, Thailand, and Japan, to ensure a steady flow of fuel imports.

The Philippine National Oil Company (PNOC) is currently awaiting responses from potential suppliers, including Russia, as part of efforts to secure more affordable fuel options. Garin noted that while some offers may be cheaper, logistical factors such as distance and delivery timelines are being carefully considered.

She also dismissed the possibility of fuel rationing similar to measures implemented during past global energy crises, saying current supply levels do not warrant such action. Authorities are instead focusing on maintaining stable distribution and preventing potential issues such as hoarding.

The DOE has also clarified that recent developments, including temporary export restrictions from some countries, primarily affect new supply contracts and do not disrupt existing agreements. Officials said ongoing deliveries remain intact, helping ensure continuous fuel availability in the country.

Despite assurances on supply, rising fuel prices continue to affect transportation costs and the prices of basic goods, raising concerns among consumers and various sectors. Analysts note that while supply stability is maintained, price volatility remains a key challenge for the economy.

The government said it will continue to monitor both global and local developments closely, with the DOE committed to providing timely updates and implementing measures to ensure energy security in the Philippines.