Having a steady supply of fuel is the "silver lining" for the Philippines amid the Middle East conflict, which has caused world oil prices to soar above the $100-per-barrel mark.

Department of Energy (DOE) Secretary Sharon Garin had this to say on Monday morning, March 9 in a briefing held by the House Committee on Ways and Means chaired by Marikina City 2nd district Rep. Miro Quimbo.

Quimbo led the briefing even as Filipinos braced for the ripple effects of the runaway fuel prices.

"What is ths silver lining? What is the optimistic side and pessimistic side?" he asked Garin, a former congresswoman and deputy speaker.

"Mr. Chair, I'm optimistic about this because we are preparing already. We are not waiting for April and realize that the war is still going on," she said.

"All our [oil] companies are already talking to not just the current suppliers but also suppliers from South America, America, and all the other--Australia, even as far as Africa. They are already talking to them and locking in orders," noted Garin.

When Quimbo asked the DOE chief if a "no supply" scenario would happen to the Philippines in light of the escalating hostilities in the oil-producing Middle East, the latter said: "The stocks here and the ones coming na sigurado na, en route na (that are sure, that are already en route), this is enough until April, Mr. Chair."

"There's no problem as to worldwide on to the supply, it’s the price that the factor," Garin added.

She further told the House tax panel that the DOE was also exploring government-to-goverment agreements as far as securing fuel supply was concerned.

"So we have enough time to have supply, enough more than beyond April Mr. Chair, I think it's just a matter [of] how much we're willing to pay for it," Garin said.

Garin says the looming increase on local pump fuel products Tuesday, March 10, is "the highest jump" in price.

"Basically the range is around P17 to P24 [per liter], Mr. Chair--increase--for this coming week, which is Tuesday up to Monday next week," she said. She said range accounts for the various companies involved, but big and smaller independent firms.

She said one "good news" was that the local oil companies agreed to impose the humongous adjustment in a staggered manner.

For example, Garin said some oil firms will impose their hike in increments of 2.50 per liter during the week; while others will implement a P10 per liter hike first, with the "balance" to follow in a subsequent adjustment. 

As to controlling such price spikes, Garin said: "It's a deregulated industry, we do not have the powers to regulate the price. We monitor, they report, they justify, but DOE does not have teeth in that sense because of the law."