MANILA - The recent increases in oil prices will have minimal impact on power rates, Department of Energy (DOE) Assistant Secretary Gerardo Erguiza Jr. said Wednesday. During the Laging Handa briefing, Erguiza said "very few" power plants in the country are fueled by oil. Most of the country's power plants are coal-fired and run by renewable sources. "We do not have a problem (on power rates due to oil price hike) because for other sources like coal and the renewable sources, we don't have (supply) problem," he said in Filipino. Erguiza added the current situation in the oil market is mostly affecting the transport sector. Oil firms on Tuesday hiked pump prices for six consecutive weeks. Year-to-date, price adjustments posted an increase of PHP16.55 per liter for gasoline, PHP15 for diesel, and PHP13 for kerosene. The DOE official said oil price increases in the past weeks were brought by tighter global supply amid rising demand as economic activities peaked
MANILA - Department of Energy (DOE) Secretary Alfonso Cusi has reminded oil companies to ensure local supply of the commodity amid the tight global supply in the coming months. Cusi said oil firms should comply with the Minimum Inventory Requirement (MIR) under Executive Order (EO) No.134 directing local oil suppliers and bulk companies to maintain a minimum petroleum stock to ensure adequate supply and avoid a surge in prices. "I am directing all oil companies in the country to ensure adequate supply, and come up with plans to mitigate possible price hikes of oil products in the coming months," the DOE chief said in a statement Tuesday. Under the implementing guidelines of the EO, oil companies and bulk suppliers shall maintain at least 15 days' worth of supply of petroleum products, and a minimum stock equivalent to seven days for liquefied petroleum gas (LPG). On the other hand, refiners should secure a minimum inventory of crude oil and refined petroleum products equi