Hanoi (VNA) – Philippine Senate President Francis Escudero on March 24 highlighted that the Philippines’ chairmanship of the Association of Southeast Asian Nations (ASEAN) this year offers a key opportunity to promote a regional fuel-sharing mechanism, as global oil supplies face increasing uncertainty.
Escudero urged the government to push for the completion of the ASEAN Petroleum Security Agreement (APSA), a proposed framework that would allow member states to supply petroleum to neighbours facing at least a 10% shortfall in domestic fuel needs.
The senator said the Philippines is in a “pivotal position” to lead efforts toward strengthening regional energy security as oil prices remain volatile due to ongoing geopolitical tensions.
The APSA aims to stabilise energy supply, prevent economic disruptions, and reinforce ASEAN’s collective resilience during crises, similar to fuel-sharing mechanisms implemented by members of the International Energy Agency.
Escudero said oil-producing ASEAN members such as Brunei, Indonesia, and Malaysia would play a key role in ensuring that emergency fuel supplies are available and delivered when needed.
He stressed the urgency of a coordinated regional response as tensions in the Middle East continue to affect global oil markets./.
