THE Department of Energy (DoE) said Philippine National Oil Co. (PNOC) will no longer procure petroleum products on an emergency basis for now, despite a renewed flareup of fighting in the Middle East, BusinessWorld reported.
Energy Undersecretary Felix William B. Fuentebella said that the international supply chain is now functioning, removing the need for PNOC to purchase additional volumes. The decision comes as tensions in the Middle East have raised concerns about potential supply disruptions, but the DoE believes existing commercial imports are sufficient.
The pause affects PNOC's emergency procurement authority, which was previously granted to ensure fuel availability during supply shocks. The DoE will continue to monitor global oil markets and may reassess should conditions deteriorate.