DOE eyes oil reserve facility in Subic, Quezon, Misamis
The Department of Energy (DOE) said Saturday it was planning to establish an oil reserve in the country.
Among the areas being considered for the oil reserve storage are Subic, Phividec Complex, and Quezon.
Local oil firms are required to maintain a stock good for 30 days for crude and products for refiners, 15 days for importers or bulk suppliers, and seven days for LPG sellers.
Earlier, the Philippine National Oil Company – Exploration Corporation (PNOC-EC) was ordered to look at products from non-OPEC members and sell these products to independent petroleum dealers and public utility transport groups.
The move aims to protect consumers from the rising oil prices in the international market. For two consecutive weeks, pump prices had a more than one-peso-per-liter increase.
Sourcing products from non-OPEC members also aims to enhance competition among industry players, Cusi said.
So far, the DOE is looking at Russia and other countries as alternative oil sources. It said the PNOC-EC expected to get the first shipment this month.