The Philippine National Oil Company-Exploration Corp. has procured around 1.3 million bbl of diesel using government funding since the start of the fuel emergency fund on March 25, and will not be buying additional volumes for the time being due to sufficient domestic supply, according to the Philippine News Agency on Monday.
The total volume is split among four cargoes. The first cargo of 145,521 bbl was delivered on March 26, and originated from Japan. It might have been transported on the vessel Sriwangi V, according to data provider Vortexa.
The second cargo of 329,650 bbl was delivered on April 10 and originated from Malaysia. It was bought from Singapore-based Vitol Asia rather than from Petronas or a Malaysian entity.
The third cargo of around 320,000 bbl should be delivered on April 21 to Subic port and originated from Northeast Asia or India. Vortexa showed two vessels from South Korea and one from China which will be delivering similar volumes of diesel to the Philippines within a week of April 21, but none to Subic port.
The last cargo of around 330,000 bbl should be delivered around April 24 to Davao, but the origin could not be determined. The latest Vortexa data did not show any vessel inbound to Davao in late April to May.
Manila decided against additional diesel procurement as the present inventory level of around 1 million bbl is sufficient for around 52 days' demand, said Energy Secretary Sharon Garin.
There would not be available storage for more than five more days' worth of demand, but the government will purchase more if and when needed, she added.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Kite Chong, kchong@opisnet.com; Editing by Mei-Hwen Wong, mwong@opisnet.com
(END) Dow Jones Newswires
04-21-26 0525ET
