Taguig: The PNOC Exploration Corporation will procure 2 million barrels of oil to boost the country's buffer stock, Finance Secretary Frederick Go said Tuesday. "The PNOC EC will be procuring 2 million barrels of oil from the global markets as a precautionary measure to add to our oil buffer stock," Go announced during the InvestPH conference in Bonifacio Global City, Taguig.

According to Philippines News Agency, the volume is equivalent to about 10 days of additional buffer stock. Go emphasized that the PNOC EC has already initiated the procurement process and anticipates securing the oil supplies imminently to alleviate fears of an oil shortage. PNOC EC serves as the upstream oil, gas, and coal subsidiary of the state-owned Philippine National Oil Company.

Recent fluctuations in oil prices, which rose by as much as PHP23.90 per liter this week, were attributed to the ongoing Middle East conflict. In response to these price hikes, Go revealed that the government is actively working to diversify its sources of oil imports.

"Last Sunday, I, together with the Secretary of Energy, met with 16 oil companies and we came up with other measures that we can actually implement on an emergency basis. One, allow us to acquire oil at lower prices, and secondly, expand the network of countries that we can actually procure fuels from," Go stated.