Marcos: Philippine oil supply good for up to 60 days

President Ferdinand Marcos Jr. on Tuesday assured the public that the country has sufficient fuel supply that could last up to two months despite the ongoing conflict in the oil-rich Middle East.

The President said the government is not yet worried about the impact of the conflict on the economy, noting that global crude prices remain manageable.

“First of all, let me assure everyone that we have a sufficient supply of oil. We have stockpiles that are approximately 50 to 60 days in terms of gasoline, fuel oil, and kerosene. Let me immediately allay the fears of everyone that the oil supply of oil-derived products, of oil products, even fertilizer, is something that we have to look at. And we have sufficient supply,” he said.

Marcos said current stockpiles show diesel can last 50 and a half days; fuel oil, 51 and a half days; gasoline, 51 and a half days; kerosene, 67 and a half days; jet fuel, 58 days; and LPG, 29 days.

“So, we are okay for that period of time. Now, to further provide the supplies of these oil products, ay ‘yung ating mga pinagkukuhanan ng ating mga iba’t ibang oil products ay mayroon din silang stockpile and not yet released or exported. So, that is another potential supply for us,” he explained.

He added that based on information from the United States, the conflict may last four to five weeks.

“And hopefully, within four to five weeks, the level of intensity of the fighting will come down. In other words, that commerce will proceed in a more or less normal way, number one. And secondly, that the oil production will start to normalize. And hopefully, of course, this is our hope sooner rather than later that this will happen,” he said.

Earlier, Jetti Petroleum Inc. president Leo Bellas said early Mean of Platts Singapore indications showed diesel jumping more than $10 per barrel and gasoline climbing over $5 per barrel. If sustained, this could translate to a P4 per liter increase for diesel and around P2 per liter for gasoline.

Dubai crude last closed at $68.34 per barrel, still below the $80 threshold that would automatically trigger government fuel subsidies.

Marcos said the government is prepared to roll out targeted fuel subsidies for the transport and agriculture sectors once prices breach $80 per barrel.

“As soon as oil prices breached $80 per barrel, mayroon na tayong gagawin, and we will use several of the funds – we will use the funds,” he said, citing the Pantawid Pasada Program and subsidies for farmers and fisherfolk.

He also floated possible no-fare bus rides and measures to cushion fare increases, and said he would discuss with Congress the possibility of granting temporary emergency powers to reduce excise taxes on petroleum products if needed.

“It is not going to be a permanent measure. It will be something that we will dispose of as soon as the crisis is over,” he said.

Marcos urged Filipinos to conserve fuel.

“Maghanap tayo ng paraan upang mabawasan ang ating paggamit ng lahat ng mga source of energy natin,” he said, encouraging carpooling and the use of public transport.