PRESIDENT Ferdinand R. Marcos Jr. on Tuesday assured the public that the country has sufficient oil supply amid the continuing tensions in several major oil-producing areas in the Middle East.
Speaking at a Palace press conference, President Marcos said the country currently maintains oil stockpiles sufficient to cover approximately 50 to 60 days of supply.
“Let me assure everyone that we have a sufficient supply of oil…So, we are okay for that period of time,” the President said during the press conference attended by several members of the Cabinet.
According to the President, the available reserves include diesel, sufficient for about 50.5 days; fuel oil and gasoline, each sufficient for about 51.5 days; kerosene, sufficient for about 67.5 days; jet fuel, sufficient for about 58 days; and liquefied petroleum gas (LPG), sufficient for about 29 days.
To further bolster supply, the President said that the country’s oil suppliers also maintain stockpiles that have not yet been exported, providing an additional potential source of supply if needed.
However, President Marcos noted that countries holding oil stockpiles may limit exports to preserve their own reserves amid the ongoing crisis, especially given the uncertainty about what will happen.
President Marcos also outlined several interventions to mitigate the impact of potential oil price increases, including fuel subsidies for affected sectors such as transportation and agriculture.
“As soon as oil prices breached 80 dollars per barrel, mayroon na tayong gagawin, and we will use several of the funds…For example, we will use the Pantawid Pasada Program and the subsidy for the farmers and fisherfolk,” the President said.
The government is also looking at the possibility of easing the transport cost burden for commuters, especially the working public, by providing no-fare bus rides along major routes and holding fares down.
