In the wake of the Pilipinas Shell Petroleum Corp.’s decision to suspend its oil importations, Malacañang assured Saturday that there will be enough supply of petroleum products, as it also expressed hope that a compromise will be reached to resolve the issue.

Deputy Presidential Spokesperson Ricardo Saludo said the government through the Department of Finance (DoF) is in talks with the Shell to settle the issue fired up by the oil company’s refusal to pay import taxes on catalytic cracked gasoline (CCG) and light catalytic cracked gasoline (LCCG) between 2004 and 2009 amounting to P7.3 billion, which prodded the Bureau of Customs to seize its imports.

He said Finance Secretary Margarito Teves offered a ‘compromise’ to the Shell proposing that the money that will be paid by Shell will be channeled to an escrow account so that it can pursue its importation and “our supply will not be at stake.”

“Meron ng pag-uusap na at hindi na natin uunahan ang pag-uusap na ‘yan. We hope for the best at pinakamabuti na ‘wag natin bigyan ng puna. Meron tayong proseso ng batas at kung ano sinasabi sa proseso ng batas ‘yun ang ating susundin (The negotiation is ongoing and we don’t want to preempt it. We hope for the best and it is much better not to comment. We have the legal process and it should be followed),” Saludo told the government-run DzRB.