Duterte urged to seek help from Sokor on cheaper oil

 

By Rose de la Cruz

 

Since President Duterte is visiting South Korea on June 3 to 5, he can hold talks with leaders of that country for a possible supply of oil and fuel products to the Philippines so it would not be too dependent on the Middle East for this product.

 

This was the advice given by Rep. Michael Romero III, 1 PACMAN partylist, as he said that South Korea has large petroleum and fuel reserves.

 

We do not yet have an oil and fuel reserves sharing agreement with South Korea. Perhaps, that is one item that can be included in the agenda of the visit even at this late hour. A matter that South Korea and the Philippines can work on in the months ahead, Romero said.

 

However, the Philippines does have existing assistance agreements with Thailand, Japan, and the United States according to the Department of Energy. 

 

Possibly the Department of Energy can suggest to the President that the provisions of these agreements be tapped for ways to address our current debacle with rising prices of imported oil.

 

Our country’s reserves of the cheaper oil from 2017 were used up last January and February 2018.

 

According to current DOE policy, the private oil firms are required to stockpile only up to 7 days of LPG, 15 days of petroleum products, and for the refiners, 30 days of crude and petroleum products.

 

He said his Resolution 1936 stipulates that the fuel reserves should be at 45 to 60 days. The DOE can work on this when world oil prices return to much lower levels than current levels.

 

 

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