Price Tracker: Oil, fuel monitor for Apr. 16

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MANILA, Philippines — President Ferdinand Marcos Jr. urged Southeast Asian nations at ASEAN to activate and test its fuel-sharing pact, saying the Middle East conflict had exposed how vulnerable import-dependent economies are to supply shocks.

Marcos made the call at the Asia Zero Emission Community Plus summit hosted by Japan. He said the Philippines was willing to host or co-chair the first emergency simulation exercise under the ASEAN Petroleum Security Agreement.

At home, the Department of Energy said another round of fuel rollbacks remains possible next week. But officials also cautioned there is no assurance the downtrend will hold as global oil market volatility persists.

The DOE also ordered fuel firms and storage operators to report their total and available storage capacity as part of efforts to monitor buffer space and prepare for possible supply disruptions. The directive covers downstream oil industry participants that own, lease or operate terminals and depots.

It also allows the coordinated use of available storage facilities by the Philippine National Oil Company and PNOC Exploration Corp., subject to technical feasibility.

Here are the price benchmarks for Thursday, April 16.