Firms warn of oil shortage

MANILA, Philippines—Oil companies said they would follow a Malacañang order to bring down fuel prices to their levels 12 days ago, but warned of a possible supply shortage.

“We will comply. We have no choice, but [the executive order] has serious implications not only to the supply of products in the country, but also to investments,” Edgar Chua, country chair of Shell companies in the Philippines, said at Monday’s meeting with officials of the Department of Energy (DoE).

Fer Martinez, president of Eastern Petroleum, said the industry’s fuel supply would be threatened because of the order.

“Already, Flying V Philippines and Total Philippines said they are canceling their importation [of petroleum products]. That’s dangerous, when people stop selling,” he said.

 

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