Marcos: PH crude oil supply enough until June 30
President Marcos assured the public that the country has enough crude oil supply to last until the end of June this year, even as the government continues to brace for the impact of the Middle East conflict on global fuel prices.
Speaking during the opening of the NAIAX westbound off-ramp to the Ninoy Aquino International Airport (NAIA) Terminal 3, the President said the Philippines has secured sufficient crude oil imports for the coming months.
“Mas mahal ‘yung magpapasok ka ng refined na… At ika niya ay mayroon na tayong supply of crude oil, sufficient supply hanggang June 30 (It is more expensive to import refined fuel… and we now have sufficient crude oil supply until June 30),” Marcos told reporters on Friday morning, March 27.
He noted that importing crude oil for local refining is more cost-efficient than bringing in already refined petroleum products.
The President’s assurance came after Malacañang confirmed reports that a shipment of more than 700,000 barrels of crude oil from Russia recently arrived in the country.
The shipment is believed to have been consigned to Petron Corp., the country’s only oil firm with its own refinery.
Continued search for supply
Despite the current buffer, Marcos said the government continues to look for additional suppliers to ensure long-term energy security.
“Patuloy pa rin ang ating paghahanap ng supply; patuloy pa rin ang ating pagsuporta sa ating mga commuter (We will continue to look for supply and continue supporting our commuters),” he said.
He added that these efforts aim to ease the burden on Filipinos as fuel prices remain volatile due to the ongoing conflict in the Middle East.
Presidential Communications Office (PCO) Undersecretary Claire Castro earlier said the government is working with the Department of Energy (DOE) and the Department of Foreign Affairs (DFA) to identify alternative oil suppliers, amid disruptions in global shipping routes, particularly in the Strait of Hormuz.
She said these efforts are part of a broader strategy to address both supply concerns and rising fuel prices.
The government has formed a crisis committee to address supply and price issues, while also pushing relief measures for affected sectors.
President Marcos earlier signed a measure allowing the suspension of excise taxes on fuel, although its implementation will depend on global oil price trends and recommendations from the economic cluster.
Under the law, excise taxes may be suspended if global crude oil prices exceed $80 per barrel for at least one month.
The Palace has maintained that all measures are being undertaken to cushion the impact of the global oil crisis on Filipino consumers.