Marcos: PH has enough crude oil until June 30, 2026

President Ferdinand ''Bongbong'' Marcos Jr. said Friday that the country has sufficient crude oil supply until June 30, 2026.

''Mayroon na tayong supply of crude oil, sufficient supply, hanggang June 30... tuloy pa rin ang paghahanap natin ng supply,'' Marcos said at the sidelines of the opening of the NAIA Expressway Phase II. 

(We have sufficient supply of crude oil up to June 30... we continue to look for other source of supply.) 

The President explained that there's a difference in pricing between importing crude oil and finished fuel products, noting that refined fuel such as diesel is more expensive when imported.

''At in terms of crude oil supply, dahil pinapasok nila ang crude oil para i-refine dito sa Pilipinas. Iba ang presyuhan kapag nagpasok tayo ng krudo mismo, ng diesel, kaysa sa nagpasok tayo ng crude oil at tayo ang mag-refine,'' Marcos said.

(There is a difference in pricing when we import crude oil compared to importing refined fuel like diesel. Importing refined fuel is more costly.)

Marcos has already declared a state of national energy emergency on March 24 amid the continuous increase in the prices of oil products.

The administration has about 45 days of fuel supply as of March 20, and is procuring an additional 1 million barrels of oil for buffer stock.

The President signed Executive Order No. 110 as diesel prices are expected to spike to more than P130 per liter, while gasoline may rise above P100 per liter this week.

The said EO directed and authorized the Department of Energy "to take appropriate measures to safeguard the stability and adequacy of the country's energy supply and mitigate the adverse effects of disruptions in global energy supply markets."

Motorists have been forced to tighten their belts since the second week of March, as fuel companies implemented double-digit price hikes on petroleum products due to the tensions in the Middle East.

The surge has sparked concern among motorists and even among gasoline retailers, some of which have reported limited fuel supply. 

Subsidies have also been rolled out to affected sectors, particularly transport workers and drivers. 

A ship carrying more than 700,000 barrels of Russian crude oil arrived in the Philippines on Monday. —AOL, GMA Integrated News