DOE: PH fuel supply good for 51 days, more imports due in April

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Energy Secretary Sharon Garin said the Philippines now has a supply of petroleum products good for 50.94 days, with the country set to receive more in the coming months amid the growing conflict between the United States and Iran in the Middle East.

Garin said the country now has a total inventory of 75.052 million liters, which will last six days longer than the previously reported 45 days.

The Philippines now has 22.326 million liters (59.78 days’ worth) of gasoline; 32.516 million liters (46.93 days’ worth) of diesel; 142,140 liters (107.88 days’ worth) of kerosene; 6.320 million liters (62.69 days’ worth) of jet fuel; 2.472 million liters (57.27 days’ worth) of fuel oil; and 10.274 million liters (34.02 days’ worth) of liquefied petroleum gas (LPG).

Prior to the ongoing Middle East conflict, Garin said the DOE required firms to store 15 to 30 days’ worth of inventory, with the country able to replenish supplies every 10 days.

“Even though we know that we have enough time to order for additional supply, we still would like to remind the public that we have to be very prudent,” Garin said.

She added that the country has already ordered and confirmed 1.042 million barrels or 165.7 million liters of diesel supplies, of which 142,000 barrels arrived from Japan starting last Thursday, March 26.

The Philippines is set to receive 300,000 barrels from Malaysia and Singapore in early April; another 300,000 barrels from North Asia or India by mid-April; and another 300,000 barrels from Oman (through Singapore) by end-April.

The procurement was done through the Philippine National Oil Co.-Exploration Corp. (PNOC-EC), with the supplies set to be released to local gas stations.

Earlier on Monday, Petron Corp. also confirmed the procurement of 2.48 million barrels of crude oil from Russia to augment its inventory until June.

Garin explained that importing supplies from Russia is not expected to impact trading relations, especially with the United States, which has given countries a window to secure supplies amid the war.

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