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THE 10th consecutive week of oil price increase, and the biggest yet for the year, will take effect Tuesday, March 8. Oil firms announced Monday a price increase of P5.85 per liter for diesel, P3.60 per liter for gasoline, and P4.10 per liter for kerosene. The new round of oil price… ....
DOE to oil firms: Secure supply amid tight global output visayandailystar.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from visayandailystar.com Daily Mail and Mail on Sunday newspapers.
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 ....