Manila: Energy Secretary Sharon Garin on Monday raised the need to reassess existing energy policies to reduce the country's dependence on imported fuel amid ongoing global shocks. Garin made several recommendations, including revisiting the Oil Deregulation Law, during a public hearing by the Senate Proactive Response and Oversight for Timely and Effective Crisis Strategy (PROTECT) Committee, citing the country's heavy reliance on diesel imports under a deregulated industry. 'Our main problem really is our dependence on diesel and imported diesel at that which is a deregulated industry,' Garin said. 'Deregulation only works when it's good times. When it's bad times. there should be a degree of regulation on the part of government."

According to Philippines News Agency, Garin said the Department of Energy (DOE) is looking into revisiting the law, particularly on the government's role in ensuring fair and balanced pricing during crises such as the ongoing Middle East conflict. She said the role of the Philippine National Oil Company (PNOC) in oil procurement and price monitoring should be strengthened, adding this could provide the government with better visibility over global pricing movements and local distribution. 'This is the only way the government has a visibility on how the prices happen from the international traders to our local oil companies,' she added.

Garin mentioned that the country's fuel reserves need to be expanded, noting that existing storage capacity is only enough for about 60 days. 'If we want to increase that. the government has to invest in it,' she said, adding that such projects could be pursued through public-private partnerships.

Furthermore, Garin said the DOE is studying ways to diversify the country's energy mix, including accelerating the adoption of electric vehicles (EVs) to reduce exposure to fuel price volatility. 'With electric, we could use coal, even renewable. We're not dependent only on diesel,' she said. She added the push for EVs could help cushion the impact of fuel price increases on key sectors such as transport, agriculture, and trade.

The DOE has also rolled out measures to stabilize supply and protect consumers, including tighter monitoring against hoarding and profiteering, publication of fuel inventory data, and the launch of digital platforms for price monitoring.