Official: Philippines holds 50–60 day oil buffer amid Mideast tensions

The Philippines has an oil buffer equivalent to roughly 50 to 60 days of national demand, providing protection against short-term price volatility linked to the Middle East war, Finance Secretary Frederick Go said on March 3.

In a statement, Go said the country’s oil supply remains secure, noting that the Philippines has the flexibility to source fuel from multiple oil-producing countries, Caliber.Az reports via foreign media.

He added that the government is closely monitoring developments in global oil prices, the duration of the conflict, and the risk of a prolonged period of elevated oil costs.

Go also said the Department of Energy is in active discussions with oil companies to stagger pump price adjustments in an effort to ease the immediate burden on consumers.

By Sabina Mammadli