MANILA -- The Department of Energy (DOE) on Monday said it is still “premature” to provide any assessment on the possible impact of the attack on Saudi Arabian Oil Company’s (Saudi Aramco) facilities on the Philippines’ oil sector.
Aramco’s petroleum and gas processing plants in Khurais and Abqaig in eastern Saudi Arabia were attacked on Saturday by drones, which Yemen’s Iran-allied Houthi rebels claimed responsibility for.
“The DOE is closely monitoring developments in the international market until the last trading day on Friday to fully assess any impact on the prices,” DOE said in a statement.
The statement explained that “as directed by Sec. (Alfonso) Cusi in yesterday’s emergency meeting on the matter, the DOE is set to meet with oil companies this week to look into the sufficiency of inventory levels.”
“The impact to prices, if any, may be felt by Tuesday next week. That is if there will indeed be an adverse impact,” it said.
“To date, the DOE reiterates that the impact of the incident is still premature,” it added.
Petron Corp. assured that “there will be no supply disruption from our end” as a result of the attack in Aramco’s oil facilities.
“We have adequate supply to support our domestic requirements,” it said.
It added that the company is “closely monitoring the situation and hoping that normalcy will be restored soon.”
Meanwhile, several oil companies will increase prices effective 6 a.m. on Tuesday, September 17, 2019, in line with international developments.
In separate advisories, Petron Corporation, PTT Philippines, Seaoil and Petro Gazz will increase gasoline prices by PHP1.35 per liter and diesel by PHP0.85 per liter.
Petron and Seaoil will also hike the prices of their kerosene by PHP1 per liter.
“These reflect movements in the international oil market,” Petron added. (PNA)
