DOE pushes policy review to curb fuel import dependence amid global volatility
MANILA – The government is considering key policy adjustments to reduce the country’s reliance on imported fuel, as global developments continue to disrupt oil markets.
Sharon Garin said the Department of Energy is reassessing existing energy policies, including a possible review of the Oil Deregulation Law, during a hearing of the Senate’s PROTECT Committee.
Garin pointed out that the country’s heavy dependence on imported diesel—within a fully deregulated industry—remains a major vulnerability, especially during global crises.
She noted that while deregulation works under stable conditions, there may be a need for calibrated government intervention during periods of volatility to help ensure fair pricing and protect consumers.
As part of the review, Garin proposed strengthening the role of the Philippine National Oil Company in fuel procurement and price monitoring. She said enhancing PNOC’s role would give the government better visibility into global oil pricing and local distribution dynamics.
The energy chief also underscored the need to expand the country’s fuel reserves, which currently cover only about 60 days. She said increasing storage capacity would require significant investment, potentially through public-private partnerships.
To further reduce exposure to fuel price shocks, the DOE is exploring ways to diversify the country’s energy mix, including accelerating the adoption of electric vehicles (EVs).
Garin said shifting to EVs could lessen dependence on diesel, as electricity can be sourced from a wider range of inputs, including coal and renewable energy.
She added that this transition could help cushion the impact of fuel price increases on critical sectors such as transport, agriculture, and trade.
In the meantime, the DOE has rolled out measures to stabilize supply and safeguard consumers. These include stricter monitoring against hoarding and profiteering, increased transparency through fuel inventory disclosures, and the launch of digital platforms for tracking fuel prices.
The proposed policy shifts form part of the government’s broader effort to strengthen energy security and build resilience against ongoing global oil market disruptions.
NPO News Team | Philippine News Agency - PR
