ASEAN discussions on regional fuel stockpile in very early stage, says PM Wong
ASEAN already has a rice stockpile with China, Japan and Korea. The question is whether the region could pursue something similar for energy, says Singapore’s prime minister.
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CEBU, Philippines: Discussions on an ASEAN regional fuel stockpile are at a very early stage, and will continue if the idea is worth pursuing, Singapore Prime Minister Lawrence Wong said on Saturday (May 9).
Speaking to Singapore journalists in Cebu, where he attended the 48th Association of Southeast Asian Nations (ASEAN) Summit, Mr Wong said a regional fuel stockpile was one of the new ideas that came up at the meeting.
Mr Wong noted that ASEAN has a rice stockpile, which involves member states plus China, Japan and South Korea. Under the ASEAN Plus Three Emergency Rice Reserve, rice is stockpiled for immediate release during disasters without disrupting market prices.
“So the question is, would we be able to do something similar for energy, be it within ASEAN or with external partners,” he added.
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“It's an idea that was discussed briefly amongst the leaders, but it's not been fully fleshed out.”
Ministers from the region will need more discussions, and talks may continue if countries show interest, said Mr Wong.
These discussions will continue at the next ASEAN Summit, expected to be held in November in Manila, and maybe in Singapore next year when the country takes over as ASEAN chair, he added.
On the regional fuel stockpile, Philippine President Ferdinand Marcos Jr told the media after the summit that ASEAN leaders had discussed a "mechanism" for having a "reservoir" of different fuel products that can be shared among member states.
"The situation right now is very different for each country. Some countries have a surplus of a certain kind of fuel. Other people have a shortage, and we're trying to balance that out," he said at a press conference on Friday evening.
"And when something like this happens – a war happens and a trade route like the Strait of Hormuz is closed with all the attendant effects – we have somewhere to immediately run to for emergency supply."
When asked about whether ASEAN leaders have committed to concrete timelines for formalising agreements on petroleum security, intra-ASEAN supply chains, and the accelerated realisation of the regional power grid, Mr Wong said there was a clear consensus at the meeting that these agreements should be ratified expeditiously.
“Of course, every country will have to operate on its own domestic timelines, but we certainly hope that each one will take it, will do so as fast as possible,” he added.
At the plenary session of the summit, Mr Wong had called for the swift ratification of the agreement that would allow member states to support each other's oil and gas needs during supply disruptions, which was last renewed in 2025.
He also called for the swift ratification of the upgraded ASEAN Trade in Goods Agreement, which was signed in October 2025, so that it can come into effect ideally within the year.
This agreement includes crisis provisions and commitments on trade in essential goods, and reduces non-tariff barriers to food trade while encouraging the exchange of food safety information.
Responding to a question about how ASEAN can ensure that the situation in Myanmar does not become an impediment to the region’s solidarity, Mr Wong stressed that the issue is complex and very difficult.
At a press conference on Friday evening, the Philippine president had said that during the closed-door leaders’ retreat earlier that day, many ASEAN members aired their frustration about the lack of progress in normalising the situation in Myanmar.
When asked to respond to the Philippine president’s description of the situation as “moribund”, Mr Wong said that while there have been recent developments, much more still needs to be done.
ASEAN needs to see more progress on its Five-Point Consensus – last reviewed in October 2025 – for it to be fully implemented, he added.
The Five-Point Consensus is a plan adopted by ASEAN to address the political and humanitarian crisis in Myanmar after the 2021 military coup.
This takes time, and requires inclusive and constructive dialogue with all the key stakeholders in Myanmar, said Mr Wong.
“It cannot be imposed from anyone from outside, so we have to be patient,” he said, adding that ASEAN will encourage them to take concrete steps forward in a step-by-step manner.
“But at the same time, ASEAN will not be passive. We will continue to engage the Myanmar authorities.”
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