The Philippines has approached Russia for possible oil imports amid global supply disruptions, Energy Secretary Sharon Garin said. Fuel inventories are sufficient until April, with talks ongoing with other exporters. The move responds to surging prices from Middle East tensions.
In Manila, Energy Secretary Sharon Garin said the state-run Philippine National Oil Company (PNOC) has contacted Russian oil companies for potential imports, though details on volumes or duration are yet to be discussed. The Philippines awaits Moscow's response. This responds to surging global prices from the United States-Israel conflict on Iran and Middle East tensions, pushing oil to around $100 per barrel and triggering double-digit fuel price hikes on March 17, 2026, with diesel approaching or past P100 per liter. PNOC is procuring beyond one million barrels of diesel reserves, as storage is not fully utilized. The government is also negotiating with Thailand, Japan, Singapore, and South Korea. The Philippines imports almost all its petroleum needs and has only one refinery, Petron in Limay, Bataan. Meanwhile, the US issued a 30-day waiver until April 11 for Russian crude at sea, potentially affecting 100 million barrels. Separately, the House of Representatives approved on second reading a measure allowing President Marcos to temporarily suspend mandatory biofuel blending amid oil market volatility.
