PNOC to buy 2 million barrels of dieselMANILA, Philippines — The Philippine National Oil Co. (PNOC) has begun procuring two million barrels of oil from the global market to shore up the country’s fuel reserves, Finance Secretary Frederick Go said yesterday. This was also double the one million barrels initially planned. Go added that the Bangko Sentral ng Pilipinas may need to tighten monetary policy in its next meeting if oil prices continue to rise due to the US-Israel war on Iran. “If oil prices remain high, if oil prices remain elevated and the situation persists for some time, the Monetary Board most likely will have to entertain a tightening,” he told reporters. “It is high time to give back to the state the authority to manage fuel prices,” Sotto stated.

Source: Philippine Star March 17, 2026 16:33 UTC