BUREAU of Customs (BOC) Commissioner Ariel F. Nepomuceno issued strict instructions to his 17 district collectors to monitor the arrival of oil shipments and inventory levels as the global economy plunges into uncertainty due to the ongoing war in the Middle East involving the Islamic Republic of Iran on the one hand and the joint tandem of the United States and Israel on the other.
The war, which begun on February 28 with the treacherous attack of Israel and American military forces on Iran, resulted to the immediate disruption in the global oil supply, especially after Iran announced the closure of the Strait of Hormuz, except for vessels flying the flags of its allies, China and Russia.
Iran said the strait would remain close to all vessel traffic until it deems otherwise.
About 20 percent of the world’s oil supply, including those bound for the Philippines, passes thru the Strait of Hormuz.
The closure has already spiked the local pump prices of oil products, especially diesel and gasoline, with the increase expecting to rise to as much as ₱20 per liter in the coming days.
“Given the current geopolitical developments, it is important for the Bureau to closely track the movement of oil importations and monitor available inventory levels.
“This will allow us to provide relevant updates to the administration and help ensure that the country remains prepared for any potential supply disruptions,” the Commissioner said.
Under the directive, all district ports are required to submit regular reports on oil importations in their respective areas of jurisdiction.
These reports will be consolidated and presented during the agency’s Weekly Collection Meetings to provide the Commissioner with updated information on incoming shipments and prevailing supply levels.
Nepomuceno added that in collaboration with the Department of Energy (DOE) and the Bureau of Internal Revenue (BIR) he has also formed a ‘BOC Oil Inventory Level Task Force (BOC-OIL) to be headed by lawyers Allen Dela Cruz Victor Pablo C. Trinidad.
The Task Force is ordered to conduct joint inspections and oversee the monitoring of oil depots, bulk storage terminals, and other petroleum storage facilities nationwide.
The Task Force is also authorized to validate the submitted reports through actual field inspection and document review.