MANILA — The Philippines has secured oil supply sufficient for about 50 days, with additional shipments already lined up this April, as the government moves to stabilize fuel availability amid ongoing global market uncertainties, the Department of Energy (DOE) said.
During an online briefing, DOE Undersecretary Sandy Sales said around 900,000 barrels of oil are scheduled for delivery this month under the government’s procurement program.
An initial shipment of 300,000 barrels is expected to arrive by April 10 from Malaysia via Singapore, sourced through global commodities firm Vitol.
Two more shipments of 300,000 barrels each are set to follow later in the month, contracted through Vitol and Trafigura and sourced from North Asia and India.
“The indication is that the cargos are not yet settled, although they are already contracted,” Sales said.
Energy Secretary Sharon Garin said the buffer stocks are being secured under the Emergency Energy Security Program through the Philippine National Oil Company-Exploration Corporation.
She added that the country remains in a stable position in terms of supply, with enough lead time to procure additional stocks if needed.
“So, we are in a good stage as far as supply is concerned. We have met today with our bond distributors. Medyo nag-normalize na yung system on the supply, especially on the independent gas stations and far-flung areas,” Garin said.
DOE data as of April 3 showed that fuel supply levels — including in-country stocks and confirmed deliveries until May 1 — are equivalent to 57.58 days for gasoline, 47.26 days for diesel, 106.22 days for kerosene, 66.36 days for jet fuel, 52.26 days for fuel oil, and 33.10 days for liquefied petroleum gas (LPG)./PN
