THE government is planning to import 240 million liters of diesel from Russia to try to ease rising prices, the energy department said on Thursday. This will be used for energy security, Fuentebella said, as there were problems in Syria, Iran and other members of the Organization of the Petroleum Exporting Countries (OPEC). He admitted, however, that Russian diesel would not be enough to drastically pull down the prices of diesel. What we are saying is [the importation]will be for stockpiling, as a support to the minimum inventory requirement, so [it is]more of energy security,” Fuentebella said. We are exploring this but understand that the oil price hike is out of our hands,” Roque said in a briefing last Thursday.

Source: Manila Times May 31, 2018 16:23 UTC