Attack on Saudi Refineries Causes Spike in Philippines' Fuel Prices, an Industrial Info Market Brief

Oil companies in the Philippines announced the biggest fuel price hikes for the year, ranging from 7% up to 9%, less than two weeks after the attack on the refining facilities of Saudi Arabia. As a result, the Philippines' Department of Energy will enforce a strict minimum inventory requirement (MIR), equivalent to stocks of 30 days for oil refiners, 15 days for bulk marketers, and seven days for liquefied petroleum gas players, to ensure that the Philippines has enough oil supply. Philippines get 12% of its petroleum supply from Saudi Arabia. Industrial Info is tracking 99 oil and gas production facilities, terminals and refineries in the Philippines.