Fuel supply in the Philippines enough for 50 more days—DOE

There is enough oil supply in the Philippines for the next 50 days, according to the Department of Energy. 

In a virtual press conference on April 7, Energy Secretary Sharon Garin assured the public of continuous oil replenishment efforts.

"We have 50 days to replenish what we consume," Garin said. 

According to data from DOE, total fuel supply in the country is enough for an average of 50.42 days. Based on current inventory, gasoline supply will last 57.58 days; diesel, 47.26; kerosene, 106.22; jet fuel, 66.37; fuel oil, 52.26; and liquefied petroleum gas, 33.10.

Stocks are continuously being replenished, clarified Garin. 

"So far, there are no major disruptions being reported," she said. Existing minor issues, according to the secretary, are currently not disrupting the country's supply chain. 

Before the Middle East war, the Philippines was importing 98% of its crude oil from Gulf states. 

"It will take months or even years for the energy sector to construct or rehabilitate all these structures that are part of the oil supply that the Philippines depends on," Garin said. 

Looking beyond the region, the Philippines is considering procuring oil from other sources. 

"We need to diversify the source countries just to de-risk our industry," Garin said. "Kailangan mag-open tayo ng agreements there so that we can access also from other countries."

According to her, the government is looking at the Americas, Africa, and Australia. 

While the US has announced an embargo on any Russian oil, the Philippines has a window up to April 12 to purchase crude oil from Russia. Private Filipino companies, namely Petron, have used this window. As crude oil is not what the Philippine National Oil Company is looking for at the moment, there is no government-to-government procurement taking place. 

Regarding LPG supply, according to Rino Abad, director of the Oil Industry Management Bureau, it has begun to stabilize, with incoming shipments confirmed. DOE expects current shipments to extend until June.

Prices for LPG continue to rise, however. In April, there is an expected increase of P17-P36 per kg, which, according to Abad, is directly brought about by the increase in contract price of USD450 per metric ton. 

The global oil crisis continues even as the US and Iran just agreed to a two-week ceasefire following Trump's threats of "annihilation" of Iran.