MANILA - Philippine oil companies may halt imports of refined petroleum products as losses mount from a state-imposed cap on fuel prices, company and government officials said on Monday.

The Philippine government ordered oil firms last month to maintain pump prices on the main island of Luzon at October 15 levels to help consumers cope with rebuilding costs after the onslaught of recent typhoons.

The Philippines imports almost all its fuel needs and the state cap has meant that the companies will be operating at a loss because of a run-up in global crude prices. Imports have slowed and supplies have dwindled at many gasoline stations.

The country's inventory of refined petroleum products has dropped to 8-13 days' consumption from the normal 21 days, said Zenaida Monsada, head of the oil industry management bureau at the Department of Energy.

"Some of the oil companies are unable to import because they are having difficulty securing loans from banks to pay for the imports," Monsada said.

"The oil companies are selling at a loss because international prices continue to rise and here in the Philippines, prices were frozen."

US crude futures rose more than $1 to above $78 a barrel on Monday, aided by a falling dollar and fears a powerful hurricane would cut US oil and gas supplies.

"I cannot force private corporations to sell at a loss indefinitely. That is against the law of survival," Energy Secretary Angelo Reyes told reporters after meeting representatives from oil companies.

"We are not ready to commit to do business in this environment where the losses continue to mount," Eric Recto, president of top Philippine refiner Petron Corp., told reporters.

Petron said last month it expects to incur a net loss of P1.5 billion ($32 million) in the fourth quarter, partly due to the price freeze.

Petron and the Philippine unit of Royal Dutch Shell, which together have around 70% of the domestic market, are the only companies that operate refineries in the country. The rest import finished petroleum products.

But officials said the two refiners may be unable to plug any potential shortage if other oil firms stop importing.

"If there's a sudden surge in demand, we cannot cope. We cannot be expected to cover the shortfall if the others stop importing," said Ed Chua, country chairman at Pilipinas Shell Petroleum Corp.

Reyes said Cabinet officials were likely to take up the issue at a meeting on Tuesday.