Energy Secretary Alfonso Cusi on Tuesday called on oil companies to ensure their compliance with the minimum inventory requirements amid the global oil supply outlook and forecasted higher world oil prices for the fourth quarter.
“I am directing all oil companies in the country to ensure adequate supply, and come up with plans to mitigate possible price hikes of oil products in the coming months,” Cusi said in a statement.
Oil prices rose for the six consecutive weeks. On Tuesday, oil companies implemented a big time oil price hike of P2.05 per liter of diesel and kerosene and P1.45 per liter of gasoline.
“The DOE will continue to closely monitor global oil supply and price movements. As always, we are working with the downstream oil industry players to ensure that all mechanisms to protect our consumers against the impact of such developments as much as possible,” Cusi said.