By Ruth Abbey Gita-Carlos
MANILA – President Ferdinand R. Marcos Jr. on Friday said the Philippines has sufficient crude oil supply until June 30 this year.
Marcos assured the public, as he cited the government’s continued efforts to secure more supply following the state of national energy emergency declaration due to the ongoing conflict in the Middle East.
On the sidelines of the inauguration of the new NAIA Expressway (NAIAX) west-bound off-ramp in Pasay City, Marcos noted the steady entry of fuel shipments into the country, particularly crude oil imported for local refining into petroleum products such as diesel.
“Dahil nga diyan ay meron na tayong supply of crude oil, sufficient supply hanggang June 30 (Because of that, we now have a supply of crude oil that is sufficient until June 30),” Marcos said.
Marcos explained that there is a difference in pricing between importing crude oil and finished fuel products, emphasizing that refined fuel such as diesel is more expensive when imported.
“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 (There is a difference in pricing when we import crude oil compared to importing already refined fuel like diesel. Importing refined fuel is more expensive),” he said.
While assuring adequate supply, Marcos reiterated that the government would continue to explore new sources of oil to further strengthen the country’s energy security.
A vessel carrying over 700,000 barrels of crude oil from Russia has arrived in the Philippines, marking the resumption of the country’s imports of Russian crude.
Reports said the shipment is bound for the refinery of Petron Corporation in Bataan, where it will be processed into petroleum products such as diesel and gasoline.
The latest delivery signals a renewed engagement in sourcing oil from Russia after a pause that began in 2022, following global market disruptions linked to the Russia-Ukraine conflict. (PNA)
