PH Gov secures 1.04M barrels of diesel good for 5 days, eyes fuel stability

The Philippine government has secured approximately 1.04 million barrels of diesel to aid the country’s fuel supply amid ongoing global market volatility, the Malacañang confirmed on March 29.

Energy officials said the volume of diesel is equivalent to only roughly five days of national diesel consumption.

Executive Secretary Ralph Recto stated that the first shipment should arrive within “this week” as part of immediate supply augmentation efforts.

The diesel procurement was facilitated between the Department of Energy and international suppliers under a strategy described as “oil diplomacy.”

Apart from diesel imports, the government has also secured crude oil deliveries and coal supply agreements with Indonesia to diversify energy sources.

As of March, the Philippines has an estimated 45-day fuel inventory and is pursuing additional procurement measures to strengthen its reserves.

On March 27, President Ferdinand Marcos Jr. said that the country has enough crude oil supply until June 30 while maintaining around 45 days of reserves as of March 20.

“But what we are focused on now is immediate… amending the Oil Deregulation Law will be a long discussion. I don’t know when it will happen,” President Marcos said.

Authorities stated that the latest shipment forms part of a broader energy security plan aimed at ensuring supply and mitigating price shocks.

The government is also preparing targeted subsidies for transport operators, farmers, and fisherfolk to lessen the impact of rising fuel costs.