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The Philippine National Oil Company received a shipment of 329,505 barrels of diesel fuel at the Port of Subic Bay on April 10, as part of a government initiative to establish a national emergency buffer stock
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To mitigate Middle East-driven price volatility and secure domestic energy, 44,119 metric tons of diesel were fast-tracked into the PCSPC facility under a special permit bypassing standard bureaucracy
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PNOC-Exploration Corporation aims to procure two million barrels of oil and 22,000 metric tons of LPG to secure an additional 10-day national fuel supply
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These reserves will be housed at the PCSPC facility in Subic Bay, the nation’s largest storage site which accounts for 20% of the Philippines’ total fuel capacity
The Philippine National Oil Company (PNOC) received a shipment of 329,505 barrels of diesel fuel at the Port of Subic Bay on April 10, as part of a government initiative to establish a national emergency buffer stock.
The shipment, equivalent to 44,119 metric tons, was discharged into the Philippine Coastal Storage and Pipeline Corporation (PCSPC) facility.
According to Ronnie Yambao, Subic Bay Metropolitan Authority (SBMA) senior deputy administrator for Port Operations, said the arrival follows a special permit issued by the Bureau of Internal Revenue on March 30 to fast-track petroleum imports.
“The special permit is designed to bypass standard bureaucratic processes and customs procedures that could delay immediate importation of fuel,” he said in a statement.
READ: BOC orders expedited release of oil shipments
The emergency procurement aims to secure the domestic energy supply and mitigate price volatility triggered by ongoing market disruptions in the Middle East. PNOC Exploration Corporation (PNOC-EC) is authorized to bypass certain bureaucratic and customs procedures under the special permit to prevent delays in fuel delivery.
This delivery is part of a larger plan by PNOC-EC to procure two million barrels of oil and 22,000 metric tons of LPG. Once finalized, these reserves are expected to provide approximately 10 days of additional fuel supply for the country.
The PCSPC facility in the Subic Bay Freeport is the largest petroleum import storage site in the Philippines. It currently holds a capacity of 6.3 million barrels, representing roughly 20% of the nation’s total fuel storage capacity.
Utilizing infrastructure from the former U.S. Naval Base, the 160-hectare depot serves as a primary distribution hub for diesel, gasoline, and jet fuel for Metro Manila, Central Luzon, and Northern Luzon.
READ: SBMA cuts fees by 5%, extends free storage period by 2 days
