MANILA, March 3 (Xinhua) -- The Philippines has "an adequate oil buffer" equivalent to about 50 to 60 days of national demand, providing a cushion against short-term price volatility due to the impact of the Middle East conflict on global oil markets, the country's Finance Secretary Frederick Go said Tuesday.
In a statement, Go said that the country's oil supply remains secure, citing the Philippines' flexibility to source fuel from multiple oil-producing states.
He noted that the government is closely monitoring movements in global oil prices, the duration of the conflict, and the possibility of sustained higher oil prices.
Go said the energy department is in active discussions with oil companies to stagger pump price adjustments to ease the immediate burden on consumers. ■