In a statement the DOE said, “To date, we have a crude and oil products inventory to cover 43 days, while 13 days are in-transit [and] we currently have no plans to adjust the minimum oil inventory requirement of 14 days kept by oil firms.”
“Consumers need not have any supply concerns [but] Filipinos [should] prepare themselves for higher domestic oil prices on the back of the rise in global price levels. While the government [has] no plans to ease domestic prices by reducing taxes, it [is] also holding off its plan to raise oil taxes to 5% from 3% until global oil prices cool down,” it added.
