Metro Manila, Philippines – The Department of Energy (DOE) announced Thursday its plan to purchase up to two million barrels of diesel to stabilize the local fuel supply amid the ongoing conflict in the Middle East.
The move follows a directive from President Ferdinand Marcos Jr. after the declaration of a state of national energy emergency. This declaration prompted the Department of Budget and Management (DBM) to activate a P20-billion emergency fund dedicated to the DOE’s energy security program.
“Under the program, the target volume is set at up to 2 million barrels of fuel, intended to support domestic requirements and mitigate the impact of global supply fluctuations,” the DOE said in an advisory.
Specifically, the funds will be used to purchase refined petroleum products, augment LPG supply, and build up domestic inventory.
The DOE said the budget will be transferred to the Philippine National Oil Company (PNOC) and PNOC Exploration Corporation (PNOC EC) as implementing agencies.
“The government is taking concrete and proactive steps to secure fuel supply, maintain orderly market conditions, and protect the welfare of every Filipino motorist,” said Energy Secretary Sharon Garin.
In a press briefing on Tuesday, Garin said the department, through PNOC, has already secured an initial 400,000 barrels from Southeast Asian countries, while the rest will be sourced from other regions.
