While oil prices continue to soar across the Philippines, Acting Executive Secretary Ralph Recto announced that the national government has secured an order of 1.04 million barrels of diesel.
In a statement released on Mar. 29, the secretary said that the first batch of the million-barrel order will arrive within this week, with him also ensuring that the country will receive a steady supply of coal from Indonesia.
“Meanwhile, the oil diplomacy ably conducted by energy officials led by Secretary Sharon Garin has resulted in the firm order of 1.04 million barrels of diesel, with the first batch arriving this week,” Recto said in his statement.
President Ferdinand Marcos Jr. earlier confirmed on Mar. 27 that the Philippines has an adequate oil supply that can last until Jun. 30, 2026.
Yet as of Mar. 20, the Department of Energy (DoE) reported that the country’s fuel reserve is enough for 45 days, which is being supported by an additional one million barrels of oil, which will act as a buffer stock.
This is mostly caused by the Philippines’ reliance on imported oil, which has been severely impacted within the last month due to the conflict in the Middle East, according to the DoE.
98 percent of the Philippines’ oil reserves are sourced from Gulf countries, according to data from the energy department.
Meanwhile, another 700,000 barrels of crude oil from Russia, which were ordered by Petron, arrived in the country on Mar. 23, according to media reports.
Written by Francis Santos, Insight PH
Francis Santos, Insight PH is a dedicated campus journalist and contributor. Their insightful writing sparks meaningful conversations and keeps the community informed.
