Energy Crisis Averted: Philippines Secures 2.5 Million Barrels of Russian Oil
Jakarta, CNBC Indonesia - Indonesia’s neighbour, the Philippines, has secured nearly 2.5 million barrels of Russian crude oil. This was revealed in a filing with the stock exchange on Monday (30/3/2026).
It should be noted that fuel prices in the Philippines have reached record highs since the US-Israel war with Iran closed part of the Strait of Hormuz. Philippine President Ferdinand Marcos recently stated that stocks could last until 30 June.
In a report to the Philippine stock exchange released on Monday, the local oil company Petron said it had agreed to purchase Russian crude oil after seeing at least four million barrels of shipments cancelled since the Middle East war began. An AFP report stated that a tanker carrying Russian crude oil was reported to have arrived at the port to serve Petron’s refinery operator after the United States (US) eased sanctions on Russian oil due to Moscow’s war in Ukraine.
“The purchase was made solely due to urgent needs as an extraordinary emergency measure in response to unprecedented geopolitical disruptions and supply chain issues and only after exhausting all commercially and operationally viable alternatives,” the report stated.
“A refinery shutdown due to failure to obtain crude oil would cause serious fuel shortages across the country and sharp price surges,” the company said, with its refineries contributing about 30% of the nation’s fuel needs.
Since the war began, diesel and petrol prices have skyrocketed, sparking citizen protests. In the latest update, prices are expected to rise again on Tuesday.
Previously, the US eased some restrictions on Russian crude oil sales earlier this month. This step allows countries to purchase oil already at sea until 11 April.
The Philippine Department of Energy announced last week the arrival of 142,000 barrels of diesel purchased by the government, part of its target for “up to two million barrels of additional supply for the country.” Energy Secretary Sharon Garin told AFP that the shipment came from Japan.