Petron says fuel supply secure

March 23, 2020 | 12:02 am
https://www.bworldonline.com/petron-says-fuel-supply-secure/

THE Philippine’s largest fuel refiner said it has a steady supply of its petroleum products during the Luzon-wide enhanced community quarantine.

Petron Corp. on Saturday assured its continuous delivery of fuel supplies from March 17 to April 14 as the government ramped up its fight to prevent the spread of the new coronavirus disease 2019 (COVID-19).

“So far, our entire supply chain is working overtime to ensure that enough products are produced at our refinery. Vessels are continuously loaded so that our terminals are filled, and tank truck operations remain consistent,” Petron President and Chief Executive Officer Ramon S. Ang said in a statement.

“We are also trying our best to keep as many of our stations open and filled as possible while putting the safety and well-being of our employees first,” he added.

There are an estimated 2.7 billion liters of crude and oil products in the National Capital Region as of Feb. 29, according to the Department of Energy (DoE). This inventory can last up to 45 days, which is above the oil industry’s minimum inventory requirement.

Last week, Petron’s parent San Miguel Corp. noted in its disclosure to the Philippine Stock Exchange that there is a possibility of lower demand for fuel as public and private transportation is suspended.

“Such decrease will likely occur for all kinds [of] fuel such as gasoline, diesel, and aviation fuel,” it added.

Besides Petron, competitors Pilipinas Shell Petroleum Corp. and Phoenix Petroleum Philippines, Inc. have also implemented their respective business continuity plans upon the order from the DoE.

Petron supplies nearly 30% of the Philippines’ petroleum requirement via its 180,000 barrel-per-day Bataan refinery, 30 terminals, and over 2,400 stations nationwide. — Adam J. Ang