MANILA — The Philippines has secured enough crude oil supply to last until June 30, President Ferdinand “Bongbong” Marcos Jr. said Friday, as the government moves to cushion the country from global fuel volatility driven by escalating tensions in the Middle East.
Marcos issued the assurance on the sidelines of the inauguration of the west-bound off-ramp of the NAIA Expressway (NAIAX) in Pasay City, citing steady fuel shipments arriving in the country.
“Dahil nga diyan ay meron na tayong supply of crude oil, sufficient supply hanggang June 30,” Marcos said.
The President stressed that the country continues to import crude oil for local refining, a strategy he said helps manage fuel costs compared to importing finished petroleum products.
“Iba ang presyuhan kapag nagpasok tayo ng krudo mismo, ng diesel kaysa magpapasok tayo ng crude oil, tayo mag-refine. Mas mahal ‘yung magpapasok ka ng refined na, ng diesel na,” he said.
Marcos added that the government is actively seeking additional oil sources to further strengthen energy security, particularly following the declaration of a national energy emergency.
Recent reports confirmed the arrival of a vessel carrying more than 700,000 barrels of crude oil from Russia, signaling the resumption of Philippine imports of Russian crude after these were halted in 2022 due to disruptions linked to the Russia-Ukraine conflict.
The shipment is expected to be processed at Petron Corporation’s refinery in Bataan into petroleum products such as diesel and gasoline.
The latest delivery underscores the government’s renewed push to diversify supply sources as it braces for continued uncertainty in the global oil market./PN
