Cheyenne Suarez

'Walang krisis sa supply': Garin defends statement on 'no oil crisis'

Article (news)

David Dizon

ABS-CBN News

Energy Secretary Sharon Garin defended Tuesday her statement that there is no oil crisis, saying there is ample supply of fuel albeit at record-high prices. &quot;Walang krisis sa supply sa ibang bagay. Presyo lang talaga kasi hindi talaga makokontrol ng DOE o kahit ng oil companies yung international market kasi kapag krisis, ang iniisip ko, mawawalan tayo ng supply pero hindi pa naman,&quot; she said in a DZMM interview.Diesel prices may rise up to P114 per liter this week, even as Petron, Shell and Flying V have all agreed to <a href="https://www.abs-cbn.com/news/business/2026/3/16/-staggered-fuel-price-hikes-set-instead-of-one-time-big-time-hike-doe-1339">‘staggered’ increases</a> over 3 days from March 17 to 19.Seaoil and Total will implement the price hikes over 2 days from March 17 to 18.Oil firms earlier told DOE that diesel prices will increase by around P20.40-P23.90/liter this week, while the gasoline hike will be from P12.90-P16.60/liter starting Tuesday.  Kerosene price hike ranges from P6.90-P8.90/liter.Oil firms are implementing different price increases due to deregulation, Garin said.&quot;Deregulation means free for all. Walang rules sa anong presyo kaya iba-iba. Nag co-compete sila. Kada brand may sariling pricing,&quot; she said.The energy chief said Philippines&#x27; fuel stockpiles will last for more than 30 days, which is enough time to source more fuel from other countries. &quot;Marami ring nag-e-export pa naman, US, Russia, Canada. maraming bansa na meron, mas malayo nga lang sila. Sa usual nating binibilhan, meron pa naman. Meron pa namang mga nag-o-offer, mas mahal nga lang siya,&quot; she said. The DOE earlier said it is exploring the possibility of importing oil from Russia as it braces for steep fuel price increases, though details on volumes and timing remain under review. <div><iframe width="640" height="360" src="https://www.youtube.com/embed/9Agx1Hrf2aA?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe> </div>Manila is awaiting Moscow’s response while continuing talks with other suppliers, including Indonesia, China, South Korea, Singapore, Thailand, and Japan, to secure long-standing supply agreements.&quot;Ang PNOC naghihintay pa ng response pero may bali-balita na may mga kinakausap na rin ang mga oil company natin. Balita ko mas mura siya [Russian oil] pero hindi ko lang alam kung gaano katagal &#x27;yung delivery kasi medyo malayo,&quot; Garin said.&quot;Ang progress dun, at least na-confirm na ng Department of Foreign Affairs] na may window tayo na bumili dyan sa Russia hanggang April lang yata &#x27;yun.&quot;She also rejected possible fuel rationing similar to scenarios during the 1970s energy crisis.Garin said China’s temporary ban on fuel exports affects only new contracts, with existing deals remaining in force. The Department of Energy stressed that transportation, not supply, is the main concern, and authorities are monitoring hoarding, warning that violators could face imprisonment. WIth Reuters

Energy Secretary Sharon Garin defended Tuesday her statement that there is no oil crisis, saying there is ample supply of fuel albeit at record-high prices.

Energy Secretary Sharon Garin defended Tuesday her statement that there is no oil crisis, saying there is ample supply of fuel albeit at record-high prices.