Daily TribuneThe Philippine National Oil Company Exploration Corp. has secured a total of 165.68 million liters or about 1.042 million barrels of diesel for the country’s needs. The first shipment of 22.58 million liters arrived on Thursday, and the remainder will come in April.
Share
THE first batch of diesel shipment-142,000 barrels of diesel which is part of a total 165.68 million liters or 1.042 million barrels of government-procured diesel under its Strategic Fuel Reserve, designed to cushion the country against global oil supply and price fluctuations.
PHOTO courtesy of philippine news agency
The Department of Energy (DoE) confirmed that an additional supply of 143.1 million liters of diesel is scheduled to arrive in the country in April, following the delivery of the first shipment of 22.58 million liters on Thursday.
In an advisory over the weekend, the agency said the Philippine National Oil Company Exploration Corp. (PNOC EC) secured a total of 165.68 million liters or about 1.042 million barrels of diesel to support the country’s needs.
Measures safeguarding nation’s energy security
“The DoE, together with PNOC EC, continues to implement measures to safeguard the nation’s energy security and ensure that households, commuters, and businesses have uninterrupted access to fuel, especially amid ongoing developments in the Middle East,” the agency said.
The remaining 143.1 million liters are expected to arrive throughout April, bolstering the country’s diesel supply and preventing shortages.
Based on data from the previous years, the country’s daily fuel consumption is estimated at 450,000 to 487,000 barrels.
Focusing specifically on diesel, 2023 figures indicate an average daily consumption of approximately 186,320 barrels. Thus, the currently secured diesel supply provides a buffer of at least five days.
Discussion with Chinese Ambassador on energy supply
In a separate advisory, the DoE said it concluded a discussion with Chinese Ambassador Jing Quan to coordinate on energy supply to shield the country from turbulence in the global oil market.
As a major player in global energy, the agency said China’s cooperation is seen as crucial in securing stable fuel flows for the country.
The DoE said these discussions are key to keeping transport running, businesses fueled, and households supplied — even as international oil markets remain unpredictable.
“Through continued dialogue and diplomatic engagement, the DoE seeks to strengthen cooperation and foster constructive relations between the Philippines and China in addressing energy-related challenges,” the DoE said.
Gasoline may rise up to P3 per liter
For next week, industry sources cite Platts Singapore data projecting gasoline may rise up to P3 per liter next week, but diesel could jump P11 to P12 per liter due to tight distillate supplies.
