Metro Manila, Philippines – The country’s crude oil inventory is until the end of June, President Ferdinand Marcos Jr. said on Friday, March 27, as more fuel sources are in the pipeline to make sure supply will be sufficient beyond that.
Speaking at the opening of a new expressway off-ramp at the Ninoy Aquino International Airport, Marcos said Petron President CEO Ramon Ang confirmed the stock fuel.
“Mayroon na tayong supply of crude oil, sufficient supply hanggang June 30,” Marcos said.
[Translation: We now have sufficient crude oil supply until June 30.]
The president said the government is scouting for more sources for supply beyond June.
“Patuloy pa rin ang ating paghahanap ng supply,” he added.
[Translation: We will continue sourcing supply.]
Ang earlier explained that importing crude oil is more cost-efficient than buying refined fuel, especially during global shortages.
“Kapag nag-import ka ng diesel or gasolina… may premium na 40 percent to 50 percent kapag may shortage. Pero kung crude oil, nasa 10 percent to 20 percent lang,” he said, noting the advantage of refining fuel locally.
[Translation: Importing diesel or gasoline can have a 40 percent to 50 percent premium during shortages, while crude oil only carries around 10 percent to 20 percent.]
He said global disruptions affect refinery output, including attacks on facilities in conflict zones, which have tightened the supply of finished petroleum products.
“Pinaka mahirap mag-import ng finished product… halos bumaba na ang supply galing sa refinery,” Ang said.
[Translation: It is hardest to import finished products… supply from refineries has significantly declined.]
Ang said local refining can still cover a third of the demand.
“Even with one refinery, we can supply at least 30 to 35 percent of consumption,” he said.
Marcos said the government is working closely with industry players for fuel availability amid geopolitical tensions.
