President Marcos: PH oil reserves good until June 30 but still looking for additional crude oil

President Ferdinand Marcos Jr. said the Philippine government has sufficient oil supply until June 30 but is still working to secure additional crude oil sources amid global supply concerns linked to Middle East tensions.

The President emphasized this during the inauguration of the NAIAX Westbound Off-Ramp to NAIA Terminal 3 in Pasay on Friday.

Marcos assured the public that the current supply of crude oil is sufficient through June 30.

“Patuloy pa rin ang ating paghahanap ng supply. Patuloy pa rin ang ating pagsuporta sa ating mga commuter para naman mabawasan ang bigat ng epekto nitong nagkakagulo sa Middle East,” the President said.

He noted that importing crude oil for local refining remains more cost-effective than importing finished petroleum products.

“Mas mahal ‘yung magpapasok ka ng refined na, na diesel na. At ika niya ay mayroon na tayong supply of crude oil, sufficient supply hanggang June 30,” Marcos said.

Friday's event marked the opening of a 320-meter off-ramp designed to ease airport congestion.

It was attended by Department of Public Works and Highways (DPWH) Acting Secretary Vivencio Dizon; President and CEO of Petron oil company Ramon Ang; Department of Transportation (DOTr) Acting Secretary Giovanni Lopez; Toll Regulatory Board (TRB) Executive Director Jose Arturo Tugade, and Pasay City Mayor Imelda Calixto-Rubiano.

Meanwhile, reports indicate that a shipment of over 700,000 barrels of Russian crude oil recently arrived in the Philippines.