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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

Oil industry management bureauDepartment of energySecretary alfonso cusiMinimum inventory requirementExecutive orderManila department of energy doe secretary alfonso cusi has reminded oil companies to ensure local supply the commodity amid tight global in coming months said firms should comply with minimum inventory requirement mir under executive order eo no 134 directing suppliers and bulk maintaina petroleum stock adequate avoida surge prices quoti am all countryNd come up with plans to mitigate possible price hikes of oil products in the coming monthsUot the doe chief said ina statement tuesday under implementing guidelines of eoIl companies and bulk suppliers shall maintain at least 15 days 39 worth of supply petroleum productsNda minimum stock equivalent to seven days for liquefied petroleum gas lpg on the other handEfiners should securea minimum inventory of crude oil and refined petroleum products equivalent to 30 days quot aggressive demand in the fourth quarter is seen reach as much 103 million barrels per day mbpd when supply currently only at about 22Uot the oil industry management bureau said producers are sticking to gradually increasing output by 400000 bpd despite economic activities expected to ramp up during the last quarter of year brent crude reached above usd80 level per barrel on mondayHe highest trading price in three years on local oil pricesIrms imposed big time price hikes tuesday morning with the adjustmentsOcal crude prices posteda year to date net increase of php16 55 per liter for gasoline