The Philippines is expecting the arrival of 1.04 million barrels of diesel next week, according to Executive Secretary Ralph Recto. The fuel was ordered following diplomatic efforts by the Department of Energy to secure energy supplies.
Diesel Shipment and Energy Security
Executive Secretary Recto stated that the firm order for 1.04 million barrels of diesel was a result of “oil diplomacy ably conducted by energy officials led by Secretary Sharon Garin.” Additionally, a steady supply of coal is guaranteed from Indonesia.
President Ferdinand Marcos Jr. has previously stated the country has sufficient crude oil supply until June 30, 2026. As of March 20, the country held approximately 45 days of fuel supply and is procuring an additional 1 million barrels of oil as a buffer stock.
More than 700,000 barrels of Russian crude oil arrived in the Philippines on Monday.
Government Efforts to Address Rising Costs
Recto outlined government efforts to mitigate the impact of increasing pump prices, including the distribution of assistance to farmers and fishermen who are affected by rising commodity prices.
The government is also reducing financial costs associated with hosting the Association of Southeast Asian Nations (ASEAN) Summit this year. “We have pared down activities to the most urgent…Pomp and pageantry will now give way to problem solving,” Recto said.
Prices of several products in supermarkets are set to increase starting April 1, according to the Philippine Amalgamated Supermarkets Association Inc., due to price adjustments announced by manufacturers.
Batangas Representative Leandro Leviste has called on President Marcos to reduce the budget for the ASEAN Summit and related meetings from P22 billion to P10 billion.
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