Jamaine Punzalan

Motorists queue for fuel at a gas station in Quezon City on April 19, 2022, after another oil price hike. The price hike resumes after two weeks of rollback as the price of crude oil remains volatile in the world market. Mark Demayo, ABS-CBN News

Article (news)

OIL-PRICE-HIKE

Andrea Taguines

ABS-CBN News

<div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe src="https://www.facebook.com/plugins/video.php?height=314&amp;href=https%3A%2F%2Fwww.facebook.com%2Freel%2F1459118195957504%2F&amp;show_text=false&amp;width=560&amp;t=0" width="560" height="314" style="border:none;overflow:hidden" scrolling="no" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe> </span></div><p>MANILA<strong> (UPDATED)</strong> — President Ferdinand Marcos Jr. said Friday the Philippines has enough crude oil supply to last until June 30.</p><p>Marcos made the statement after speaking with Petron President and CEO Ramon Ang during the opening of the Ninoy Aquino International Airport Expressway (NAIA X) Terminal 3 off-ramp in Pasay City.</p><p>The assurance comes after the country secured more than 700,000 barrels of crude oil from Russia, with Petron Corp. as the supposed consignee, <a href="https://www.abs-cbn.com/news/nation/2026/3/26/russian-oil-arrives-as-philippines-battles-energy-emergency-1147">Agence France-Presse reports</a>.</p><p>Both Marcos and Ang said importing crude oil is a more cost-effective option to bringing in refined petroleum products such as diesel and gasoline.</p><p>“May saving pag ganun,” Marcos said.</p><p>Ang noted that the strategy is especially important amid tensions in the Middle East, where oil facilities are among those being targeted in the ongoing conflict involving the United States and Israel, and Iran.</p><p>Marcos and Ang told the media that importing crude oil is a good alternative since it is easier to source and is cheaper than refined petroleum products.</p><p>Marcos also assured the public that the search for additional oil supply continues.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/26/senators-score-oil-firms-for-selling-pre-war-fuel-at-premium-prices-1921">Senators score oil firms for selling pre-war fuel at premium prices<br/></a></div><p>“Meron na tayong supply of crude oil, sufficient supply, hanggang June 30. Pero 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,” he added.</p><p>For his part, Ang said Petron is negotiating with other suppliers but declined to give specifics.</p><p>Ang also assured the public that Petron’s refinery in Batangas will remain operational.</p><p>“I’m assuring the public na we will never run out of supply, kaya wag ho kayong magpanic. Kung pwede lang, magtipid kayo,&quot; he said.</p><p>Ang also stressed that Petron is not taking advantage of the situation, adding that he is willing to open the company’s books to the Commission on Audit (COA) and to the public.</p><p>“Balewala sa akin yung income… Pag tinignan mo ang Petron, ang sales revenue P700 billion a year. Magkano income? P6-7 billion a year in the Philippines,” he said.</p><p>He added that he is open to selling the oil company to the government, which can come in as an investor or take over the business.</p><div><br/></div><div><strong>OIL PRICE ROLLBACK</strong></div><p>Ang also addressed calls to roll back pump prices to pre-war levels, warning that while this is possible, it could drive oil companies into bankruptcy.</p><p>“Ang presyo ay based on replacement value every day. So ngayon kung sa tingin ninyo ibebenta ninyo at a loss, we can do that. Everybody can do that. Pero hanggang kailan? After one month or even two weeks, bankrupt lahat ang oil companies,” he said.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/26/oil-firms-in-ph-scramble-to-find-fuel-suppliers-for-may-onwards-1720">Oil firms in PH scramble to find fuel suppliers for May onwards<br/></a></div><p>He added that while the government may impose price controls, it would have to shoulder the cost of subsidizing the industry.</p><p>“Patay ang gobyerno niyan — $30 to $40 billion a year na subsidy?” he said.</p>

<p>President Ferdinand Marcos Jr. said Friday the Philippines had enough crude oil supply to last until June 30, 2026.</p>

President Ferdinand Marcos Jr. said Friday the Philippines had enough crude oil supply to last until June 30, 2026.

Marcos says Philippine crude oil supply enough until end of June

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Marcos says Philippine crude oil supply enough until end of June

Andrea Taguines,

ABS-CBN News

Published March 27, 2026 08:55 AM PHT

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Updated March 27, 2026 12:16 PM PHT

Read More:

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