PH crude oil supply enough until June 30 – Marcos

President Ferdinand Marcos Jr. said on Friday the Philippines' crude oil supply will last until June 30. 

"Mayroon na tayong supply of crude oil, sufficient supply hanggang June 30," Marcos told reporters on March 27 as he inaugurated the new NAIA Expressway west-bound off-ramp in Pasay City. 

He said fuel shipments, particularly of crude oil, are steadily coming into the country. The supply will undergo local refining to produce petroleum products, including diesel, according to a report by the Philippine News Agency. 

Marcos explained there will be a price difference between imported crude oil and the finished fuel products. 

"Iba ang presyuhan kapag nagpasok tayo ng krudo mismo, ng diesel, kaysa magpapasok tayo ng crude oil [na] tayo mag-refine. Mas mahal 'yung magpapasok ka ng refined na, ng diesel na," the president said. 

He assured reporters of the government's continuous efforts in securing the country's oil supply.

"Patuloy pa rin ang ating paghahanap ng supply, tuloy pa rin ang ating suporta sa ating mga commuter para mabawasan ang bigat ng epekto nitong [gulo] sa Middle East," Marcos said. 

On March 25, the Philippines received the first shipment of Russian crude oil; the first in five years. This was allegedly borne out of talks between the Philippine government, private firms, and Russian suppliers. 

Reports from analytics firms LSEG, Kpler, and OilX, which monitor shipping data, marked a tanker carrying 100,000 tonnes of ESPO blend crude that traveled from Russia's Kozmino port to Petron's refinery in Bataan. 

The Philippines, which relies heavily on Middle Eastern oil, has been forced to seek alternative sources of oil supply amidst the month-long conflict in the Middle East. 

Marcos on Tuesday declared the country under a state of national energy emergency, saying the conflict is posing an "imminent danger" to the Philippines' energy supply.