Camille Naredo

Motorists queue for fuel at a gas station in Pasig City on October 10, 2022

Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Diesel prices is forecast to increase by P6 to P6.85 per liter, gasoline prices at P1.20 to P1.40 per liter, and kerosene prices by P3.50 to P3.70 per liter. Mark Demayo, ABS-CBN News

Article (news)

FUEL PRICE HIKE

Job Manahan

ABS-CBN News

MANILA – The Department of Energy on Tuesday said it was unlikely that the Philippines&#x27; oil supply would be disrupted by the tension in Venezuela following the capture of its leader, but noted the temporary negative impact on its prices locally.Rino Abad, director of the DOE’s Oil Industry Management Bureau, said before the sanctions against Venezuela, the country exported around 1 million barrels per day between September and November 2025.This is “less than 1 percent of global supply,” according to the official in a public briefing.“Kung makakaapekto ba yan, isa ba &#x27;yang mabigat na supply disruption? Hindi. Sa pangalawang aspeto, sino ba ang bumibili diyan? Ang bumibili niyan ay almost China lang lahat,” Abad said.“Ang China ang gumagamit ng oil around 16, 17 millions of barrel of oil per day. Isang aspeto nila na siguraduhin siguro na bumili ng kapalit na 1 million barrels per day of oil sa ibang supplier,” he added.Because Venezuela only produces 1 million barrels daily, the official noted that this cannot be considered a major oil disruptionAside from this, the Philippines does not import its oil supply from the South American country.“Hindi, in short, mararamdaman yung pagkawala niyan… Kung may effect, kung meron man, ay yung temporary na pag-increase (ng presyo) because of speculation,” said Abad. “Fundamentally, hindi mararamdaman ang pagkawala niyan pero dahil may speculative nature ang price, mag-iincrease lang ang price temporarily pero since hindi yun ang fundamental [disruptive] effect, baka hindi talaga makaapekto. Wala talagang major impact ito sa global market, lalo na sa Pilipinas dahil hindi tayo nag-iimport sa Venezuela,” he added. Should the uncertainty and speculation continue in the coming weeks because of the situation, the energy official said this could only affect China, given their demand.“Kung hindi ganoon ang magiging opportunistic treatment against China at tayo ay nag-iimport kay China, hindi mata-translate sa atin ang effect na yan,” he said.“Very limited, napakaliit ng volume na &#x27;yan sa global supply at hindi puwedeng basta-basta sabihin na maapektuhan ng ganoon kagrabe ang China, which is the buyer of Venezuelan oil,” he added.Abad said that should the political turmoil create an impact on the Philippine economy in the coming months, neither the DOE nor the Philippine government could control fuel prices.Private fuel firms, he said, typically roll out discounts for motorists should similar situations or crises come up.“Ang government natin, walang direct control sa price. Deregulated regime ang batas natin sa oil. But ito namang mga private oil companies, palagi yang nag-iimplement ng discount,” he said.“Itong mga discount promo, binibigay both sa public transport at private motorists. Kailangan lang ituloy ng ating mga kababayan ang paghahanap ng gasoline station na palaging may discount promo,” he said. <div> </div><div>RELATED VIDEO:</div><div><iframe width="640" height="360" src="https://www.youtube.com/embed/VG8EqVO7btY?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe> </div>

The Department of Energy said it was unlikely that the Philippine oil supply would be disrupted by the tension in Venezuela following the capture of its leader, but noted the temporary negative impact on local prices.

The Department of Energy said it was unlikely that the Philippine oil supply would be disrupted by the tension in Venezuela following the capture of its leader, but noted the temporary negative impact on local prices.

Will the situation in Venezuela disrupt PH’s oil supply? Not likely, says DOE

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Will the situation in Venezuela disrupt PH’s oil supply? Not likely, says DOE

Job Manahan,

ABS-CBN News

Published January 06, 2026 03:33 PM PHT

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Updated January 06, 2026 08:38 PM PHT

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Venezuela

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