Philippine Airlines says jet fuel supplies secure despite Middle East conflict
Philippine Airlines has adequate jet fuel supply to support its scheduled operations, including long-haul flights, for the forseeable future, the flag carrier said in a statement on Wednesday.
The statement, posted on its Facebook account, came a day after Bloomberg News cited President Ferdinand Marcos Jr as saying that grounding planes due to a jet fuel shortage brought on by the U.S.-Israeli war with Iran was a "distinct possibility".
"The airline recognizes that global supply conditions remain dynamic. As part of prudent planning, PAL continues to work closely with fuel suppliers, industry partners, and government stakeholders to ensure stable and efficient operations over the longer term," it said in a statement.
In an interview with CNBC on Wednesday, Richard Nuttall, President of Philippine Airlines, said the flag carrier has enough jet fuel supply for the next couple of months, with domestic fuel shipments secured to keep PAL operating until the end of June.
He added that petroleum companies are continuing to refine and will have ample supply in April to support operations through the end of May.
Beyond May to June, however, "we don't have visibility, and everybody is looking to source fuel beyond that," Nuttall said.
He said a few countries have informed PAL that they will ration the amount of fuel the airline can purchase, and the Philippines might eventually consider similar measures.
He said the airline is not overly concerned about its long‑haul operations because most of PAL's flights abroad go to the United States and Canada, where jet fuel supplies are expected to remain stable.
Nuttall added that PAL does not hedge after being "burnt" in the past.
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