Jonathan Frederic De Santos

This December 17, 2023 photo shows trucks and a motor tanker that personnel of the National Bureau of investigation and Bureau of Customs seized in Mariveles, Bataan. ABS-CBN News/Job Manahan

Article (news)

RG Cruz

ABS-CBN News

<p>MANILA — Oil industry players told senators on Thursday they only have confirmed supplies for the next few months with the Middle East conflict causing uncertainties for future deliveries.</p><p>Philippine Institute of Petroleum Executive Director Rafael Capinpin acknowledged &quot;it is not a secret that it&#x27;s very hard to secure supplies now.&quot; </p><p>He said there have been no responses to tenders — invitations to suppliers — for May.</p><p>Independent Philippine Petroleum Companies Association president Tanysa Samillano said firms have only been assured of deliveries until the end of April.</p><p>&quot;Future importations tenders haven&#x27;t been confirmed up to now,&quot; she said.</p><p>Petron Corp. General Manager Lubin Nepomuceno noted exporting countries — including China, Thailand, and Singapore — have issued temporary bans on exporting finished products and shipments from the Middle East have been halted by shipping restrictions in the Strait of Hormuz.</p><p>&quot;Recently, Petron managed — albeit very challenging — to procure additional crude and finished products,&quot; he said.</p><div><a href="https://www.abs-cbn.com/news/nation/2026/3/26/russian-oil-arrives-as-philippines-battles-energy-emergency-1147"><strong></strong>Russian oil arrives as Philippines battles &#x27;energy emergency&#x27;<strong><br/></strong></a></div><p>Chevron Pilipines (Caltex) president Pongtorn Tangmanuswong said the company has enough fuel until the last week of April, adding, however, that &quot;that&#x27;s based on the normal level of the demand.&quot;</p><p>He said arrangements for a May shipment have yet to be finalized.</p><p>Shell President and CEO Lorelie Quiambao-Osial said they are exerting best efforts to make sure &quot;we have enough stock coverage.&quot;</p><div><br/></div><div><strong>MARCOLETA: CONSIDER SOURCES BEYOND MIDDLE EAST</strong></div><p>Sen. Rodante Marcoleta said wants the industry to consider alternative sources apart from West Asia, specifically the option of getting fuel from Singapore.</p><p>&quot;Kasi po, kung doon tayo nakapokus (If that is where we focus), there is no problem to speak of in the first place,&quot; he said, even offering to give the firms &quot;a name to contact&quot; for deals.</p><p>Nepomuceno said he was not familiar with the data Marcoleta was presenting, &quot;but very clearly, also, Dubai price now is $140, you can ask the [Department of Energy] how can a product be cheaper than $140 per barrel?&quot;</p><div><a href="https://www.abs-cbn.com/news/nation/2026/3/26/philippines-says-strait-of-hormuz-must-be-reopened-immediately-0108">Philippines says Strait of Hormuz must be reopened &#x27;immediately&#x27;<br/></a></div><p>The oil industry executives also said figures have to be checked to &quot;[to see if] the unit and the conversion is aligned with the practice here in the Philippines.&quot; </p><p>Tangmanuswong added oil firms need to pay a product premium to traders and factor in rising costs of freight and insurance due to the war that the US and Israel sparked in late February by attacking Iran.</p><div><br/></div><div><strong>FIRMS URGE STOCKPILE, CHECKS ON EXCISE TAX</strong></div><p>Samillano added firms want to delay excise tax payments to relieve the pressure on the companies because of rising oil prices &quot;so our financial capacity is also limited.&quot;</p><p>Nepomuceno meanwhile urged the government to secure a waiver from the United States to allow importation of crude from Russia, which is subject to American sanctions.</p><p>He added government can explore direct arrangements with fuel-exporting countries in the region for potential preferential treatment as well as setting a cap on taxes when prices are too high.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/25/marcos-jr-cuts-oil-excise-tax-to-ease-double-digit-spikes-in-ph-fuel-prices-1901">Marcos Jr. cuts oil excise tax to ease double-digit spikes in PH fuel prices<br/></a></div><p>&quot;Should prices breach the threshold, excise tax [and other taxes] will remain at the level of $50,&quot; Nepomuceno said.</p><p>He also called on government to put up a strategic stockpile of six months&#x27; crude reserve and to provide loans to investors willing to set up and maintain it.</p><p>He said this would be better than price controls, which he said would lead to shortages from business stoppages and from firms not being able to afford to replenish stocks at higher prices.</p><p>Panel chair Sherwin Gatchalian meanwhile pointed out an apparent lack of a consolidated, unified, coordinated national contingency plan for the crisis. </p><p>&quot;To be honest about it, after hearing the statements of the oil companies medyo na-depress po ako,&quot; he also said.</p><p>&quot;It&#x27;s quite concerning because you cannot run a country with uncertainty of fuel supply. You cannot run a country with uncertainty of fuel supply. You cannot run businesses with uncertainty of fuel supply. &quot;</p>

<p>Philippine Institute of Petroleum Executive Director Rafael Capinpin acknowledged "it is not a secret that it's very hard to secure supplies now." </p>

Philippine Institute of Petroleum Executive Director Rafael Capinpin acknowledged "it is not a secret that it's very hard to secure supplies now."

Oil firms in PH scramble to find fuel suppliers for May onwards

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Oil firms in PH scramble to find fuel suppliers for May onwards

RG Cruz,

ABS-CBN News

Published March 26, 2026 05:20 PM PHT

Read More:

Senate

Petron

Shell

Caltex

Independent Philippine Petroleum Companies Association

Philippine Institute of Petroleum

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