329k barrels of diesel now at Subic Freeport to boost PH fuel supply

The Philippine National Oil Company (PNOC) has received a shipment of 329,505 barrels or 44,119 metric tons of diesel at the Port of Subic Bay, the Subic Bay Metropolitan Authority (SBMA) said on Tuesday. 

The arrival of the shipment is expected to boost the country’s fuel supply, which is currently enough for 52.02 days.

The diesel arrived at the Subic Freeport on April 10 through the Philippine Coastal Storage and Pipeline Corporation (PCSPC).

Ronnie Yambao, senior deputy administrator for port operations of the Subic Bay Metropolitan Authority (SBMA), said the Bureau of Internal Revenue (BIR) issued a special permit to the PNOC Exploration Corporation (PNOC-EC) to hasten the emergency importation of petroleum products. 

“The special permit is designed to bypass standard bureaucratic processes and customs procedures that could delay immediate importation of fuel,” Yambao said in a statement. 

The PNOC-EC will also procure two million barrels of oil and 22,000 metric tons of liquefied petroleum gas (LPG). 

“These emergency stocks that are expected to augment around 10 days of the country’s additional fuel supply and strengthen LPG reserves, are being secured in response to Middle East market disruptions,” the SBMA said. 

Located within the Subic Bay Freeport, the PCSPC is the country’s largest import storage hub for petroleum.

It has a massive capacity of approximately 6.3 million barrels (roughly one billion liters) and houses a vital share of the Philippines’ buffer stock. 

Earlier, the Department of Energy (DOE) said the country’s fuel inventory now averages 52.02 days.

The DOE noted that the two additional days are significant especially for the country’s gasoline and diesel supplies. — JMA, GMA News