Department of Energy Secretary Jose Rene D. Almendras on Wednesday admitted having almost pushed the panic button when they realized the country had only fuel stocks that would last for 15 days.
MANILA, Philippines—Department of Energy Secretary Jose Rene D. Almendras on Wednesday admitted having almost pushed the panic button when they realized the country had only fuel stocks that would last for 15 days.
“Medyo nag-panic po ako at walang tulog. (I panicked and I have been sleepless)” Almendras told Radyo Inquirer in an interview. He said they found this out in late February when the Libya crisis broke out.
He said they could not reveal this publicly as it might create panic among the people and the business sector, particularly in the light of continuing rise in the price of fuels.
Almendras said the political developments in the Middle East in recent months have added to the spiralling oil costs as well as affecting fuel supply and inventory on certain countries, including the Philippines.
According to him, the government immediately undertook measures to ensure there would be at least 30-day fuel inventory in case the oil supply from Middle East countries is suddenly cut or stopped.
The measures include monitoring the crude supply every week of both big and small oil players in the country, he said, adding the same thing is being resorted to by other countries.
“There was anxiety among countries that the fuel supply will decrease so these countries stocked fuels and some stopped exporting,” Almendras said in Filipino.
Almendras added that even before political turmoil rocked the Middle East, the demand was already seen to peak because China and India had announced in 2010 that their country’s oil demands would double. The two countries are considered to be the biggest oil importer in Asia.
Meanwhile, Almendras said the fuel subsidy card that would be distributed to jeepney and tricycle franchise holders has a five-year life span.
Called “Smart” card, it will contain relevant information about the holder to enable him to avail of the fuel subsidy from gasoline stations.
“It could not be used to buy something from stores or shops,” he stressed.
For the full audio report, listen to DZIQ 990 AM. Danica Marie Hermogenes