Wary that the country may suffer from another oil crisis, Asia Pacific Basin for Oil Strategies (APBOS) proposed that the country should start building its own oil reserves.

A report from GMANews 24oras’ Raffy Tima said, Antonio Ver, convener of APBOS, advised that the government should maintain 90-day oil reserve as buffer against the unforeseen.

"Dapat 90-days meron tayong palaging nakalaan na supply ng oil ‘tsaka mga produktong pang petrolyo. Pag tumaas ng tumaas ang presyo ng langis at hindi tayo makapag-angkat wala tayong magagamit," Ver said.

Ver said their group has already created a centralized facility for oil reserves but the government seems to ignore it.

On the other hand, Energy Secretary Angelo Reyes stressed that the 60-day inventory system of oil companies is enough to supply the country’s oil demands.

He added that during their Energy Ministry Meeting in Thailand last Aug. 23, the Association of South-East Asian Nations (Asean) discussed the creation of Asean Petroleum Security Arrangement (APSA), wherein oil producing member countries are set to assist the countries which have no oil reserves.

"Should there be a supply problem then the oil producing countries of the Asean will commit to assist us with the extent of the 10 percent daily demand which will be 30,000 barrels a day," he said.

The report added that, as of now, the energy department is still hoping that the prices of local crude will continue to decrease amid the downward trend in the world market.

"The average for the month of August, which will be the basis for setting the prices in September, will be lower. So that's why I feel confident that if the trend continues in September we’ll be experiencing lower fuel prices," he said.

As of this month, prices of oil in the world market have gone down by $10 a barrel from $123 last July.

Meanwhile, Raul Concepcion of the Consumer and Oil Price watch lauded the proposal of APBOS, saying it is good for the country psychologically.

"Siguro pwedeng sabihing ng gobyerno we will maintain a reserves good for 30-days, which is also good, psychologically they can unload that reserves. I'm in favor of that. I have no objection provided that we can determine what will be the cost of that oil reserve," said Concepcion. - GMANews.TV