Cost of Living

Strategic petroleum reserves program to shield Philippines from oil shocks

The government announced a major fuel price rollback this week with gasoline decreasing by at least P4.76 per liter, diesel by P9.26 per liter, and kerosene by P10.86 per liter, providing relief to motorists amid Middle East conflict-driven oil shocks. The Department of Energy is establishing a strategic petroleum reserve program in partnership with Philippine National Oil Company and Maharlika Investment Corporation, with Japanese government support, to build at least 30 days of additional reserves and shield the Philippines from future oil supply disruptions.