MANILA, March 26 (Reuters): The Philippine energy ministry said on Thursday it is ​activating a 20 billion peso ($333 million) emergency fund to strengthen fuel security amid continued volatility in oil prices due ​to the conflict in the Middle ​East.

"This decisive action demonstrates the administration's ⁠firm resolve to protect the ​Filipino people from external supply shocks and ​to ensure the continuous, adequate, and reliable availability of fuel across the country," the energy ​department said.

Under the program, the ​government plans to buy up to two million barrels ⁠of fuel to support domestic supply and purchase refined petroleum products and liquefied petroleum gas.

President Ferdinand Marcos Jr. said ​on Wednesday ​the ⁠country has around 45 days' worth of oil supply.

The Philippines imports ​almost all of its crude ​from ⁠the Middle East, with Saudi Arabia its biggest supplier, making it vulnerable ⁠to ​oil price shocks and ​supply disruptions.

Photo from Reuters