LOC07:53
04:53 GMT
KUALA LUMPUR, March 2 (KUNA) -- Philippine Energy Secretary Sharon Garin on Monday emphasized the vital necessity of regional coordination through the Association of Southeast Asian Nations (ASEAN) to mitigate repercussions on energy security and market stability following the military escalation in the Middle East.
Speaking in an interview with DZMM radio, Garin noted that the Philippines, currently presiding over the ASEAN Chairmanship, is rigorously monitoring global oil supply levels.
She announced that an emergency meeting with petroleum stakeholders will be convened to ensure the resilience and stability of the domestic market.
The Secretary highlighted the strategic significance of the Strait of Hormuz, noting that approximately one-fifth of global oil consumption transits through the waterway.
She warned that any sustained disruption to maritime traffic would exert immediate pressure on global supply chains and fuel prices.
Furthermore, Garin reaffirmed that existing regulations mandate oil companies to maintain a minimum 30-day strategic stockpile.
She underscored that the primary objective is to prevent local shortages and ensure the continuity of supply amidst heightened global volatility and rising shipping and insurance premiums.
Garin concluded by acknowledging that upward price adjustments are an inevitable consequence of current market fluctuations, remaining in effect until regional conditions stabilize and maritime security is restored. (end)
aba.ibi