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.



Like us in Facebook

facebook like box joomla


Latest News

BOP deficit to worsen to $3.1 billion in 2018

  By Rose de la Cruz   The Bangko Sentral ng Pilipinas projected that the balance of payment this year would worsen to $3.1 billion, equivalent to... Read More...
MB okays the adoption of NSFR for U/KBs

  By Rose de la Cruz   Universal and commercial banks (U/KBs) will now have to adopt the Net Table Funding Ratio (NFSR), a measure on the stability... Read More...
Bong still unsure of Senate run

Should he stay or should he go?  This is the question that Special Assistant to the President Christopher “Bong” Go is trying to answer and... Read More...
IMAGE In the know: Solar Philippines

Solar Philippines is currently the country’s – and Southeast Asia’s – largest solar-energy company. Founded in August 2013 by Leandro... Read More...
Wrong Dream Girl and Other Laughs

Wrong Dream GirlA FROG telephones the Psychic Hotline. His Personal Psychic Advisor tells him, "You are going to meet a beautiful young girl who will... Read More...
Confession Code and other laughs

Confession Code AN old priest who became sick of all the people in his parish who kept confessing to adultery said one Sunday, in the pulpit,"If I... Read More...

KAMAKAILAN ay tumawag ng atensyon ang plano ni Sen. Manny Pacquiao na maghain ng panukalang batas na naglalayon na isama bilang bahagi ng curriculum... Read More...

SUPORTADO nang ibat-ibang consumer group kabilang na ang Institute for Consumer Research and Empowerment (ICORE) ang panukalang dapat putulin na ang... Read More...

Our Guests

This week1302
This month14116

Visitor Info

  • Your IP:

Who Is Online


Monday, 18 June 2018
© 2016 OpinYon News Magazine Online. All Rights Reserved.

Please publish modules in offcanvas position.