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Businessllirrcr Friday, September 20, 2Of9


Solo ns revue pu sh to set up fuel

to avert shocks

By JovEE MARIE N. Drr,e Cnuz When the philippine National

y qloveemarie Oii Co. (pNOCJ also He said estimates show that
thrs ptan earlier than 2016, the Saudi Arabia's oil output would be
cost cut by 5.7 million barrels per day,
T AWMAKERS are pushing for wa.s estimated at p2.4
billion {or 50
or more than 5 percent of global oil
I a congressional measure that mrltion Liters of diesel fuel alone.
J-Jcould pave the way for the es- supply, following the attack on two
tablishment of a strategic fuel re- , We agree with Secretary Cusi
rhat we should eschewcomplacenc of Saudi Aramco's oil fields.
y Forhis part, 1-Pacman Rep. Mi-
serve following the drone attack on o-esplte arsura nces bySaud
iAra mco
two major oil facilities of the state that its output will be back to chael Romero filed House Bill4689
nor_ esLablishing Philippine strategic
?un Saudi Aramco last Saturday in mal soon enough, and take more
Saudi Arabia. decisive measures to stabilize fuel reserves.
sup- 'A national strategic fuel reserve
Deputy Speaker Luis Raymund plyandprevent u nscrupulous petro.
Villafuerte Jr. said the latest up. lzum industry players from iaking will enable the government to pro-
side risL to oil prices underscores aqvan Lage of a nyvolatiJityin global tect Filipino consumers from the
the need for the Philippines to put ' or I prices in the fut ure, , shocks ofprice hikes of crude oil in
Villaiuer te
up its own stockpile reserve at Lhe sa Lo tn a neii/s statement the world market, andresulting rate
soonest as a way for governme n L to theadverseimpact of any increases ofpublic utilit ies andfuelat
stabilize domestic supply andprices -.,'Civen
orI price surge on the (ost of the gasoline stations, as well as sup-
in emergencies, and avoid squan- commo.dities and on transport ply disruption results from natural
dering President Dutert e s ga ins in rares, the government must disaste(s and calamities," he said.
take "While the bill goes throush the
containing inflation. measures including
Villa fuerte agreed wir h E nergy 111-l:.*."tf legislative process, T suggest t[at the
!:1i19 "! its own oil reservesl Departmentof Energy, orthe Energy
Secretary Alfonso Cusl that the to prevent runaway inflation and
country needs a stlategic oil re_ Preserve the gains that president RegulatoryCommission, requirethe
serve so the government can uuterte has achieved in containing current oil firms to increaie their
part of the oil supply chain and the steeprise in comrnodity prices mandatory fuel buffer from current
have the capabiliLy to ease last year,' he said. levels to 30 days." Romero added_
the im_
pact of volatile oil prices on According to the DOE web Romero also noted that the idea
con_ _ site
sumers by ensuring a stable fue.l the department .nly ."qri;;;-;;i of strategic fuel reserves has been
supply in the market- companies to maintain a studied by the energy departments
He said the government should mum jnventoryrequirement (MIR) ol the Asean member_countries for
study thoroughly what method
of or I o-country stocks equivalent some years now.
oil stockpiling wouJd be best for to J0 days ol crude and products In this bill, the core ofthe Stra-
cou ntry. Lhe Iogisl ical requirements ror retiners, 15 days of products tegic Fuel Reserves System of the
r nvo.lved, and whethercrude
oiloroil ror rmporters/bulk suppliers Phiiipp ines shall be made up ofall
products should be stored. seven days of liquefied petroleum government-owned, operated. or
The lawma kerrecalledthatwhen gas stocks for LpG plavers. . controlled srockpiles and facili_
orl prices fell way back in the Villafuerte, citing reports. said ties, including all fuel stations of
first -
quarter of 2016, the Department SaudiArabia plans to draw fromits alJ departments in the Executive
Energy(DOE) had alreadyconsidered big oil inventories to keeD branch, the Armed Forces of the
stockpiling oil for future use. Initial supplies to its customers at Philippines. the philippine Na_
estimates, however, showed that it mal levels and expects to restore tional Police, ott",
would costa staggering p30O billion its.production to full capacity uniformed services, "r-ud "rrd
the philio_
a year to carry out this plan. end-September. pine Ports Authorir y, oth", port
authorities and free ports.

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