Philippines' fuel supply guaranteed only until May, oil firms say

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March 27, 2026 | 7:00am

MANILA, Philippines — The country’s top oil players on Thursday, March 26, conceded that their fuel inventory is only guaranteed until May—and global uncertainties have made securing supplies beyond that difficult.

During a Senate hearing, Win Gatchalian questioned oil players on how long their inventories could last, given the ongoing crisis in the Middle East driving fuel prices to record highs.

For Petron and Shell Pilipinas, their inventories can last until the end of May. Meanwhile, Caltex and Jetti Petroleum have stocks until April.

“We're looking at the window between end of April to end of May. And then after that, we're into the abyss,” Gatchalian said.

Philippine Petroleum Companies Association (IPPCA) President Tanya Samillano also said that, according to their members, they still have importations coming, but future deliveries are not guaranteed beyond April.

Petron General Manager Lubin Nepomuceno said that securing crude has been difficult. Petron is the only fuel player in the country that refines crude oil, adding that its refineries were specifically designed for oil from the Middle East.

Even if it refines oil, Petron still imports finished products—and all of the countries that the firm imports from have temporarily halted shipments, namely China, Thailand and Singapore.

Nepomuceno said that oil suppliers are bidding out products, further driving up costs.

Prices, however, are only part of the issue, the Petron executive said.

“In my mind, the country should prioritize sufficient supply of fuels. While it is important to look at prices, it is more critical that we maintain sufficient inventory to run our own industries and supply motorist requirements,” Nepomuceno said.

“Supply disruption is more expensive and will be [a] catastrophic consequence for the economy. To this end, the government may need to intervene through facilitation of supply arrangements with other countries,” he added.

Lorelie Quiambao-Osial recommended that the Philippines pursue government-to-government deals to help ensure that shipments bound for the country arrive.

Pump prices are in the triple digits, with economists fearing that higher inflation and a slower economy may follow.