President Ferdinand R. Marcos Jr. said the country’s current inventory of crude oil is enough to keep supplies steady through June 30, as government agencies continue looking for additional sources amid heightened global tensions affecting energy markets.

Speaking after the opening of a new westbound off-ramp of the NAIA Expressway in Pasay City, Marcos said fuel deliveries—particularly crude oil meant for local refining—have been arriving regularly, helping shore up supply for products such as diesel.

He noted that bringing in crude oil for domestic processing is generally more cost-efficient than importing ready-to-use refined fuel.

Marcos explained that refined petroleum products carry a higher price tag when sourced directly from abroad, compared with importing crude oil and refining it locally.

Even with his assurance on supply sufficiency, he said the government will keep pursuing supply options to further strengthen the country’s energy security, especially after the declaration of a national energy emergency linked to the continuing conflict in the Middle East.

Separately, reports noted that a ship carrying more than 700,000 barrels of Russian crude oil has arrived in the Philippines, signaling the resumption of oil purchases from Russia after a pause that began in 2022 following global market disruptions tied to the Russia-Ukraine war.

The shipment was reported to be headed for Petron Corporation’s refinery in Bataan, where it will be processed into products including diesel and gasoline.