Marcos assures stable fuel supply, orders search for new oil sources

Marcos assures stable fuel supply, orders search for new oil sources

MANILA – President Ferdinand R. Marcos Jr. on Wednesday assured the public that the Philippines has enough fuel supply in the short term, even as the government continues to look for new oil sources amid global supply disruptions caused by the conflict in the Middle East.

Speaking at Malacañan Palace, Marcos said the administration remains focused on ensuring the availability and price stability of petroleum products, as uncertainties in the global oil market continue to affect supply routes and pricing.

He acknowledged that during the early stages of the crisis, oil suppliers were unable to give firm commitments on deliveries and prices as conditions in the international market were rapidly changing.

To address the situation, Marcos said government agencies were immediately instructed to make sure that existing oil import agreements are honored and that scheduled deliveries are not disrupted.

“So, our authorities are all continuing to find new sources for the supply. First of all, what we tried to do was to ensure that the contracts that we already had would be honored,” he said.

The President added that he directed the Department of Energy (DOE) to provide an updated assessment of the country’s fuel inventory, covering diesel, gasoline, kerosene, and jet fuel.

Based on the DOE’s report, Marcos said the Philippines currently has enough fuel stock to last 45 days, providing short‑term stability despite ongoing global tensions.

“And again, I credit the success of this ensuring the supply to the good relations that we have with our partner countries around the world,” he said.

“And although we cannot be assured right now of the supply, we can be sure that at least for 45 days we will be all right.”

Marcos noted that close coordination with suppliers, along with adjustments in delivery mechanisms, has helped keep fuel shipments moving and prevent immediate shortages.

He also instructed the DOE to continue negotiations for additional oil sources, citing persistent uncertainties in the global energy market due to disruptions affecting Middle East supply routes.

The President said the government is now looking beyond traditional suppliers and exploring alternative sources that are not affected by the ongoing conflict.

“And we have not only gone to the oil suppliers, the traditional oil suppliers, we have tried to explore other sources that are not affected by the war that is ongoing in the Middle East,” Marcos said.

“And it would be premature to say that we have perfected contracts with them. But I think it’s sufficient to say that things are beginning to open up.”

While long‑term fuel security cannot yet be fully guaranteed, Marcos expressed confidence that the country’s immediate needs will be met.

He said the government expects not only continued fuel deliveries within the current 45‑day window but also a steady flow of petroleum and related products beyond that period. (PNA)

via The Philippines Herald | Negosentro Media