Philippines eyes Russian oil amid supply fears

MANILA, Philippines — The Philippines has approached Russia about the possibility of importing oil as the government looks for alternative supply sources, Energy Secretary Sharon Garin said.

Garin said, as cited in a Reuters report, that state-run Philippine National Oil Company (PNOC) has contacted Russian oil companies, though details on potential volumes or supply duration have yet to be discussed.

The Philippines is awaiting Moscow’s response, she said. The move is in response to surging global prices due to the war of the United States and Israel on Iran.

Manila is also in talks with other exporters, including Thailand, Japan and Singapore, to ensure adequate supply as global markets remain volatile.

Garin said the Philippines currently has sufficient fuel inventory until April, easing immediate concerns about shortages.

The Philippines imports almost all of its petroleum requirements, making it highly vulnerable to disruptions in global supply chains.

Double-digit fuel price increases are set to be imposed on motorists on Tuesday, March 17, as diesel approaches P100 per liter.

Similar moves. The United States has also taken steps involving Russian oil as it tries to stabilize global markets.

Earlier this month, Washington issued a 30-day waiver allowing the sale and delivery of certain Russian crude and petroleum cargoes already at sea, thereby lifting sanctions it has long imposed on Russia for its attempts to occupy Ukraine.

The waiver could affect about 100 million barrels of Russian oil, according to officials.