The Department of Energy secures a huge volume of oil.
According to the Department of Energy (DOE), the Philippines has already secured about 165.7 million liters of diesel.
Due to the Middle East tension, the oil and fuel costs in the country continue to soar. In just a few months, the figures doubled, adding to the burden of the ordinary people. As the involved countries reached a temporary ceasefire, people are expecting a reduction in fuel costs.
Based on a previous article, a rollback in the cost of kerosene is also expected to take place, and it may be as much as P5.30 per liter. Department of Energy or DOE Secretary Sharon Garin believes that the cost of fuel may take some time to go back to P100 and below.
The DOE secretary recently added that the country has secured a volume equivalent to roughly 1.042 million barrels of diesel. This will be delivered in phases through April, and this is a part of the government’s efforts to ensure stable fuel availability. This move will also ensure the prevention of possible supply disruptions driven by tensions.
The shipments were arranged through the Philippine National Oil Company–Exploration Corporation (PNOC-EC) under the government’s Emergency Energy Security Program. The deliveries come from multiple sources, including Japan, Malaysia, Singapore, North Asia, India, and Oman.
The first batch has already arrived in the country with 142,000 barrels, or about 22.6 million liters. There will be 300,000 barrels in early April, another 300,000 in mid-April, and the final 300,000 barrels by the end of the month.
The Philippines now has 50 days’ worth of oil in stock, but this does not mean the Philippines will run out of oil in 50 days. The figure will change depending on consumption and replenishment.
The Philippines is also sourcing its Liquefied Petroleum Gas from India, Argentina, and Canada.
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