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Source: abs-cbnnews.com

-- Energy Secretary Angelo Reyes on Monday said supply of finished oil products in the Philippines is enough to last for the next eight to 13 days, but noted that oil imports and refinery of crude oil will boost the country's oil inventory.

Reyes issued the statement during a meeting between the Department of Energy and heads and representatives of oil firms, transport groups and the LPG Marketers Association. The meeting will discuss proposals to lift Executive Order 839, which froze oil prices in Luzon to October 15 levels.

The energy chief said that as of November 6, finished diesel and gasoline inventories from major oil companies are enough for eight to 13 days. He added, however, that there is no need to panic over a possible fuel shortage since oil firms continue to import and refine oil products.

Reyes also criticized former NEDA chief Ralph Recto for starting the oil pricing debate over allegedly wrong computation of local pump prices.

Director Zenaida Monsada of the DOE Oil Management Bureau said the oil inventory is much lower than the 21-day inventory usually reserved by oil firms.

"The secretary did not say anything about crude. Everyday, the refineries still have production and there are also oil imports so the inventory of finished products will increase. As of today, the figure could be higher already," Monsada said in an ANC "Dateline Philippines" interview.

She said some companies are having a hard time getting bank loans to buy more products since they are selling the product at a loss as a result of the oil price freeze. Asked if the lower volume of oil imports is a direct result of the price freeze, she said: "That is what is coming out of the meeting earlier."

President Arroyo earlier said she remained determined to keep the temporary oil price freeze despite strong clamor from industry leaders and business groups.

A Palace spokesman said Mrs. Arroyo will not be pressured into lifting the order unless otherwise recommended by the Joint Department of Energy-Department of Justice Task Force.