MARCH 18, 2026 — Finance Secretary Frederick Go announced that the Philippine National Oil Company–Exploration Corp. (PNOC-EC) has begun procuring two million barrels of oil from the global market, equivalent to 10 days of buffer stock. This is double the initial plan of one million barrels. Go explained that sourcing from multiple suppliers is “the more prudent thing to do,” especially as volatility in global oil prices continues.

PNOC’s move to double its oil procurement to two million barrels is a bold attempt to calm fears of a looming fuel shortage, but it also reopens the debate on whether deregulation has truly served Filipino consumers — or simply left us at the mercy of global price shocks.

Energy Secretary Sharon Garin assured the public that the country has enough fuel inventory until April, but the government clearly wants to build a cushion. The supply is expected to arrive in batches “anytime this week.”

Geopolitics at the pump

The US-Israel war on Iran has already rattled oil markets, and Go admitted that if prices remain elevated, the Bangko Sentral ng Pilipinas may be forced to tighten monetary policy. This means higher interest rates could be coming, which then means more pressure on us already struggling with rising costs.

Interestingly, the Philippines has even approached Russia for possible supply contracts, taking advantage of the US suspension of sanctions on Russian oil exports. That’s a geopolitical gamble — one that could raise eyebrows among allies but might deliver cheaper fuel.

Deregulation under fire

Malacañang has tossed the ball to Congress on whether to repeal the Oil Deregulation Law of 1998. Critics argue deregulation has allowed “coordinated” price hikes instead of genuine competition. 

Senate President Vicente Sotto III has already filed Senate Bill 1984 seeking a total repeal, saying, “It is high time to give back to the state the authority to manage fuel prices.”

The Makabayan bloc insists deregulation has failed, while others warn that government control could stifle efficiency. But when pump prices swing wildly because of wars thousands of miles away, who really benefits from deregulation? Certainly not the jeepney driver in Cubao or the delivery rider in Fairview.

For the average Pinoy, PNOC’s procurement is a short-term relief, not a long-term solution. Ten days of buffer stock sounds reassuring, but it won’t stop weekly price adjustments that hit commuters and small businesses hardest. The bigger question is whether Congress will finally confront the sacred cow of deregulation and admit that the promise of “competition” has been more myth than reality.

If the state regains control over fuel pricing, we could see more transparency and predictability. But it also risks politicizing prices. Imagine fuel costs being swayed by election cycles or political favors.

PNOC’s diesel buy is a band-aid on a wound that keeps reopening every time global tensions flare. The real debate is whether we deserve a government that can shield them from oil shocks, or whether we must continue to ride the rollercoaster of deregulated markets.

Do you think we should take back control of fuel prices, or should we just keep footing the bill for wars we had nothing to do with?

(Image: Philippine News Agency)