Manila: The country's domestic oil supply remains sufficient for about 50 days, with additional buffer stocks set to arrive this month under the government's procurement program, Department of Energy (DOE) officials said Tuesday. During an online briefing, DOE Undersecretary Sandy Sales announced that approximately 900,000 barrels are scheduled for delivery in April, with the first shipment expected this week.

According to Philippines News Agency, 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 anticipated later in the month, contracted through Vitol and Trafigura and sourced from North Asia and India. Sales noted that while the cargos are contracted, they have not been fully settled yet.

Energy Secretary Sharon Garin explained that the oil buffer is being procured under the Emergency Energy Security Program through the Philippine National Oil Company-Exploration Corporation. Garin also emphasized that the country has ample lead time to secure additional buffer stocks beyond the existing supplies from private oil firms, highlighting the normalization of supply, especially in independent gas stations and remote areas.

DOE data as of April 3 revealed that fuel supply levels, including in-country stocks and confirmed deliveries until May 1, equate 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 liter for gasoline, PHP116.80 to PHP154.20 for diesel, and PHP141.30 to PHP169.29 for kerosene. LPG prices during the same period ranged from PHP1,141 to PHP1,630.43.