DOE orders stricter reports on oil imports

To ensure that the Philippine maintains a stable and adequate supply of oil, the Department of Energy said Tuesday it issued a circular making sure that downstream oil players report all crude and petroleum importations. The department circular is intended to boost an order issued by the Energy Department on Feb. 28, which increased the minimum inventory levels of all oil companies operating in the Philippines to 15 days worth of petroleum products and seven days worth of liquefied petroleum. Oil refiners were also ordered to keep 30 days worth of crude oil and refined products. Under the new circular, the Energy Department now requires oil companies to submit a notice before each oil importation as well as weekly inventory reports. With the reports, the DOE said it would be able to assess the oil stock inventory more accurately against the country’s daily consumption. — VS, GMA News