MANILA, Philippines—Amid warnings that oil supply in the country could run out in two weeks, President Gloria Macapagal-Arroyo on Tuesday ordered the National Disaster Coordinating Council (NDCC) to determine whether Luzon should still be placed under a state of calamity, the primary basis for her declaration of an oil price ceiling.

The President earlier declared a state of calamity in the entire Luzon island, after its major cities and provinces were whipped by storm Ondoy, typhoon Pepeng and Santi.

Arroyo, using the state of calamity declaration, then issued an executive order pegging oil prices at October 15, 2009 levels, in the entire Luzon, as a form of a relief for typhoon-battered areas.

But oil companies protested, saying the price cap has resulted in losses that hinder them from importing finished petroleum products, thus endangering supply.

Energy Secretary Angelo T. Reyes warned on Monday that the inventory of imported and finished petroleum products would last only 13 days. He, however, did not include in his estimate the fuel products produced by major oil players Petron Corp and Pilipinas Shell from their refineries.