Manila: President Ferdinand R. Marcos Jr. on Wednesday assured the public that the government continues to explore new oil sources, even though the country still has sufficient fuel supply. In his address delivered at Malaca±an Palace in Manila, Marcos said ensuring the availability and stable pricing of petroleum products remains a priority, especially with disruptions in the global oil supply due to the ongoing conflict in the Middle East.
According to Philippines News Agency, he admitted that in the early days of the crisis, suppliers were unable to provide clear answers regarding availability and prices due to evolving developments in the global market. He said concerned government agencies are working to ensure that existing oil import contracts are honored, stressing the need to keep the deliveries of petroleum products on schedule.
"So, our authorities are all continuing to find new sources for the supply. First of all, what we tried to do was to ensure that the contracts that we already had would be honored," he said. Marcos said he immediately sought an inventory update from the Department of Energy (DOE) on the country's stockpile of diesel, gasoline, kerosene, and jet fuel.
Citing the DOE report, he noted that the country has sufficient fuel supply for 45 days. "And again, I credit the success of this ensuring the supply to the good relations that we have with our partner countries around the world," he said. "And although we cannot be assured right now of the supply, we can be sure that at least for 45 days we will be all right."
Marcos said continuous coordination with suppliers and the implementation of new delivery mechanisms have helped stabilize the situation, allowing fuel shipments to continue. He added that he has directed the DOE to continue securing additional oil sources, considering the uncertainties in global oil markets due to disruptions affecting supply routes from the Middle East.
He said the government is exploring alternative sources not affected by the conflict in the Middle East. "And we have not only gone to the oil suppliers, the traditional oil suppliers, we have tried to explore other sources that are not affected by the war that is ongoing in the Middle East," Marcos said. "And it would be premature to say that we have perfected contracts with them. But I think it's sufficient to say that things are beginning to open up."
Although long-term supply cannot yet be fully guaranteed, Marcos expressed confidence that the country will remain stable in the short term. The government, he said, expects not only continued deliveries within the current 45-day window but also a steady flow of petroleum and related products beyond that period.
