1st batch of 1.04 million barrels of diesel to arrive in PH next week — Recto

The first batch of 1.04 million barrels of diesel is expected to arrive in the country next week, Executive Secretary Ralph Recto said Sunday.

In a statement, Recto said the arriving fuel was ordered following the oil diplomacy conducted by the Department of Energy.

"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," he said.  

“From Indonesia also comes the ironclad guarantee of a steady supply of coal,” he added.

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

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

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

Recto also laid out some of the government's efforts to address the effects of surging pump prices.

He said the government will distribute assistance to farmers and fishermen soon, as the rising costs of fuel affect the prices of commodities.

Recto also said the government has trimmed down the financial cost to be spent by the Philippines for hosting the Association of Southeast Asian Nations (ASEAN) Summit this year

“The shift to econ mode extends to our hosting of ASEAN leaders’ summit this year. We have pared down activities to the most urgent. We have trimmed down costs across the board. Pomp and pageantry will now give way to problem solving,” Recto said.

Prices of several products in supermarkets will increase starting April 1, the Philippine Amalgamated Supermarkets Association Inc. said, as some manufacturers have already announced price adjustments.

Batangas Representative Leandro Leviste has called on the President to reduce the budget for the country’s hosting of the ASEAN Summit and other related meetings this year from P22 billion to P10 billion. —Mariel Celine Serquiña/RF, GMA Integrated News 

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