Marcos: PH has 51-day oil supply amid Middle East conflict

President Ferdinand “Bongbong” Marcos Jr. on Tuesday assured that the country has a 51-day oil supply as the government continues to secure fuel stocks amid the ongoing conflict in the Middle East.

“Nag-order na ang PNOC-EC ng 1.04 milyong bariles ng diesel. Mayroon ding 142,000 na bariles na na-deliver ngayong linggo. Ang natitira ay darating sa buwan ng Abril,” Marcos said in a video message.

(The PNOC-EC has already ordered 1.04 million barrels of diesel. Another 142,000 barrels were delivered this week, while the rest will arrive in April.)

“Nai-release na ng DBM ang P20 bilyon para sa procurement ng hanggang dalawang milyong bariles ng karagdagang langis. Sampung araw ito na dagdag sa ating buffer stock. Sa ngayon, may 51 days tayo na supply dito sa bansa,” he added.

(The DBM has released P20 billion for the procurement of up to two million additional barrels of oil. This adds 10 days to our buffer stock. At present, we have a 51-day supply in the country.)

Earlier, Marcos said the Philippines has sufficient crude oil supply until June 30 this year.

He also declared a national energy emergency on March 24 amid rising oil prices.

Marcos signed Executive Order No. 110 as diesel prices were projected to rise above P130 per liter, while gasoline could exceed P100 per liter.

The order directs and authorizes the Department of Energy to take appropriate measures to safeguard the stability and adequacy of the country’s energy supply and to mitigate the adverse effects of disruptions in global energy markets.—MCG, GMA News