Gov’t reports sufficient fuel stocks, aid funds amid rising oil prices

Metro Manila, Philippines – The government said it has sufficient fuel stocks and funds to sustain assistance programs as skyrocketing global oil prices bear down on transportation and production costs.

The Department of Energy said that as of Sept. 14, gasoline inventory was equivalent to 57.2 days of consumption, diesel 60.8 days, and cooking gas 39.3 days.

The Department of Social Welfare and Development also said funds are sufficient for cash assistance through the end of the year for the 7.5 million intended beneficiaries of the expanded UPLIFT, a program to provide financial and economic relief to vulnerable sectors amid a national energy emergency.

A total of 5.79 million beneficiaries have received a combined ₱11.80 billion, the government said.

Executive Secretary Ralph Recto said the government should remain prepared for further increases in fuel prices.

“Two straits are now blocked and fuel prices are climbing again. Although they remain below April’s peak, we should not be complacent. We should not wait for prices to reach their worst before the government responds,” he said.

“Malinaw ang utos ng pangulo: kumilos agad, unahan ang paglala ng sitwasyon, at protektahan ang bawat Pilipino,” Recto added.

[Translation: The president’s directive is clear: act immediately, get ahead of any worsening of the situation, and protect every Filipino.]

Pump prices spiked this week, with gasoline rising by ₱5.68 per liter, diesel ₱4.31, and kerosene ₱4.62 per liter.

The DOE has also certified that the one-month average price of Dubai crude reached $99.41 per barrel from Aug. 13 to Sept. 11, exceeding the $80 threshold required before the government may consider suspending or reducing fuel excise taxes.

Existing relief measures for transport workers are continuing, with fuel discounts increased from ₱10 to ₱12 per liter, equivalent to savings of up to ₱1,800 per week for qualified beneficiaries.

Toll exemptions for provincial buses are also in place, as well as terminal fee waiver at the Parañaque Integrated Terminal Exchange and 86 SM public transport terminals nationwide.

For farmers and fishers, the Department of Agriculture said 2.59 million beneficiaries have received ₱6.03 billion under the Presidential Assistance for Farmers and Fisherfolk Program.

Fuel assistance has separately reached 7,185 fishers and 13,701 farmers.