MANILA (Bernama-PNA): The Philippines’ domestic oil supply remains sufficient for about 50 days, with additional buffer stocks set to arrive this month under the government’s procurement programme, Department of Energy (DOE) officials said Tuesday, the Philippine News Agency (PNA) reported.
During an online briefing, DOE Undersecretary Sandy Sales said around 900,000 barrels are scheduled for delivery in April, with the first shipment expected this week.
He said an initial 300,000 barrels will arrive by April 10 from Malaysia via Singapore, sourced through global commodities firm Vitol. Two more shipments of 300,000 barrels each are expected later in the month, contracted through Vitol and Trafigura and sourced from North Asia and India.
"The indication is that the cargos are not yet settled, although they are already contracted,” Sales said.
Energy Secretary Sharon Garin earlier said the oil buffer is being procured under the Emergency Energy Security Program through the Philippine National Oil Company-Exploration Corporation.
In the same briefing, Garin said the country has enough lead time to secure additional buffer stocks on top of existing supplies from private oil firms.
"So, we are in a good stage as far as supply is concerned. We have met today with our bond distributors. Medyo nag-normalise na yung system (the system has normalised) on the supply, especially on the independent gas stations and far-flung areas,” she said.
DOE data as of April 3 showed fuel supply levels - covering in-country stocks and confirmed deliveries until May 1 - are equivalent to 57.58 days for gasoline, 47.26 days for diesel, 106.22 days for kerosene, 66.36 days for jet fuel, 52.26 days for fuel oil, and 33.10 days for liquefied petroleum gas (LPG).
Meanwhile, fuel prices in Metro Manila and other urban areas from March 31 to April 6 ranged from PHP87.90 to PHP104.10 per litre for gasoline, PHP116.80 to PHP154.20 for diesel, and PHP141.30 to PHP169.29 for kerosene. LPG prices ranged from PHP1,141 to PHP1,630.43 during the same period.
-- BERNAMA-PNA
