Marcos Says PH Oil Buffer Can Hold Until End of June

President Ferdinand Marcos Jr. said the Philippines has enough crude oil supply to last until June 30, offering a bit of reassurance while global energy markets stay tense. The statement came after Malacañang confirmed the arrival of a shipment of more than 700,000 barrels of crude oil from Russia.

The report said the shipment is bound for Petron’s refinery in Bataan, where the crude will be processed into products like diesel and gasoline. Marcos said bringing in crude for local refining is cheaper than importing already refined fuel, which is one reason the government is leaning on this supply route.

The backdrop is a much wider regional crisis. Oil prices have climbed after US and Israeli air attacks on Iran, followed by retaliatory strikes from Tehran. The situation worsened further after Iran closed the Strait of Hormuz, a critical passage used by a large share of global oil shipments.

Even with the fresh delivery, Marcos said the government is still looking for more suppliers because nobody knows yet how long the disruption will last. He said the Philippines has been checking possible supply lines from countries including Russia, Japan, China, and South Korea.

The administration has already declared a state of national emergency through Executive Order 110, and a separate measure now allows the suspension of fuel excise taxes if global crude prices stay above the trigger level long enough. For now, the message from Malacañang is simple: may buffer pa, but the government is not relaxing just yet.

Source: The Manila Times