Philippines: Crude oil supply enough to last until June 30, 2026 — says president

Manila: President Ferdinand R. Marcos Jr. announced on Friday, March 27, that the Philippines now holds enough crude oil reserves to last until the end of June 2026, easing concerns over potential fuel shortages amid ongoing Middle East tensions.

Speaking during an event covered by state broadcaster PTV, Marcos stated the country has secured adequate crude supplies to maintain stability in the coming months.

“We have sufficient supply of crude oil until June 30,” he declared, according to the official report.

As of early 2026, the Philippines consumes approximately 473,000 to 486,600 barrels of oil per day (b/d). 

Assurance

The assurance comes as global oil markets remain volatile due to conflicts affecting key shipping routes like the Strait of Hormuz.

Earlier this week, the Department of Energy (DOE) reported national fuel inventories averaging 40-45 days, prompting the government to actively seek alternative sources and additional imports.

This included recent shipments from Russia totaling around 700,000 barrels.

Energy officials clarified that the stockpile refers specifically to crude oil —the raw material refined domestically into gasoline, diesel, and other petroleum products.

Finished fuel products currently hold separate inventories sufficient for 50-60 days in some categories.Marcos directed the DOE to continue securing diversified suppliers to ensure a steady flow beyond the immediate buffer period.

“We will have a flow of oil, not just isolated deliveries,” he emphasised in related briefings.

The announcement aims to calm public anxiety over possible price spikes or supply disruptions at gas stations. No immediate changes in pump prices were announced, though analysts note the extended crude buffer provides breathing room for refineries and distributors.

Meanwhile, Filipino billionaire Ramon Ang said they are ready to sell fuel retailer Petron Corp back to the government.

Ang, known as the Philippines "Infrastructure King" and manufacturing tycoon, has renewed his offer to sell Petron — the country’s only refiner — back to the government as the country battles an energy emergency.

“This is not about who owns Petron. This is about what is best for the country,” Ang said.

Formerly a government-owned company, Petron was privatised and sold to a mix of foreign (Saudi Aramco) and private investors before SMC gained control. 

Ang, who is the CEO of both San Miguel and Petron, continues to lead the company.

Saudi Aramco sold its 40% stake in Petron in March 2008 to the London-based Ashmore Group (part of the Australia and New Zealand Banking Group) for approximately $550 million.

The transaction was officially completed later that year, ending Aramco's 14-year partnership with the Philippine oil refiner, which began in 1994.