PH has enough supply of oil amid Middle East conflict —Marcos

Amid the ongoing tension in the Middle East, President Ferdinand “Bongbong” Marcos Jr. ensured that the country has enough supply of oil.

“Let me assure everyone that we have sufficient supply of oil. Mayroon tayong stockpile that are approximately 50 to 60 days… in terms of gasoline, fuel oil, and in terms of kerosene,” Marcos said in a press briefing on Tuesday. 

''Let me immediately allay the fears of everyone that our supply of oil-derived products, oil products... even fertilizer is something that we have to look at. We have sufficient supply,'' he added.

Marcos said the country's stockpiles are as follows: 

• Diesel - 50 1/2 days
• Fuel Oil - 51 1/2 days
• Gasoline - 51 1/2 days
• Kerosene - 67 1/2 days
• Jet Fuel - 58 days
• LPG - 29 days

According to the President, the Philippines' other sources of oil also have stockpiles, which can be considered as another potential supply for the country. 

'''Yung ating mga pinagkukuhanan ng ating iba't-ibang oil products ay mayroon din silang stockpile, hindi pa nila 'yun naexport so that is another potential supply for us...'' Marcos said. 

(Our other sources also have a stockpile of oil products, which can be another potential supply for the Philippines.)

Emergency measures 

Marcos, meanwhile, said he would talk to leaders of the Congress to give him the power to reduce excise tax on fuel products once Dubai crude exceeds $80 per barrel.

He noted that this is only an emergency measure, and it will immediately be disposed of once tension in the region is over. 

''I am going to talk to the leaders in both the House and the Senate to... this is not yet a sure thing but this is something that we're discussing and maybe helpful is to give me, the President, the authority to reduce excise tax on petroleum products should Dubai crude exceed $80 per barrel, wala pa tayo doon but in case that happens, then maybe this is something... this is what tool that we will have to have," Marcos said. 

The Philippine government will also offer targeted subsidies for certain sectors, such as transport and agricultural sectors, Marcos said. 

''We are also trying to look at the possibility of easing the transport costs burden to workers, for the traveling public, providing maybe no fare bus rides along major routes,'' said the President. 

Earlier, the Department of Energy - Oil Industry Management Bureau (DOE-OIMB) said that fuel prices could jump by up to ₱10 per liter amid the US-Iran conflict.

"Kapag umabot po ng USD20 [ang increase per barrel], hindi na. Magkakaroon pa tayo ng probably P7 to P10 per liter na magiging increase,” DOE-OIMB director Rino Abad told GMA Integrated News’ Unang Balita in an interview.

(When the price hike per barrel reaches USD20, it won’t be anymore. We will still have probably a P7 to P10 per liter increase.)

“So far ngayon, ang estimate po natin, may umi-increase na first day of trading ng P5 to P10 per liter ang impact ng first trading pa lang na adjustment nung MOPS price,” he added. 

(So far, our estimate is that the impact of the first trading adjustment of the MOPS price will increase by P5 to P10 per liter on the first day of trading.)

Meanwhile, Abad said the DOE is now coordinating with the Department of Transportation (DOTr) and the Department of Agriculture (DA) regarding the possible release of fuel subsidies.

Fuel subsidies may be triggered if Dubai crude averages at least $80 per barrel for one month. —VAL, GMA Integrated News