Energy Secretary Raphael Lotilla thumbed down proposals for strategic petroleum reserve or oil stockpile, saying this needed a more thorough study in the wake of the government’s promotion of electric vehicles .
The former administration of President Rodrigo Duterte earlier proposed an SPR consisting of large stockpiles of crude oil and petroleum products, stored in facilities located around the country—and possibly overseas—that are released during periods of local or international oil supply disruptions. Philippine National Oil Co.’s SPR program was supposed to ensure the long-term stability and security of the oil supply even in times of geopolitical events.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: