The volumes are expected to support the country’s petroleum inventory through June 2026 as risks around the Strait of Hormuz intensify.
“The purchases were undertaken strictly out of extreme necessity as an extraordinary emergency measure in response to unprecedented geopolitical and supply-chain disruptions and only after exhausting all commercially and operationally viable alternatives,” Petron said in a statement on Monday.
Shipments disrupted
Petron, one of the country’s major fuel retailers and its sole refiner, said separate cargoes totaling four million barrels were unable to pass earlier through key routes, forcing the company to seek alternative supply.
With the Philippines importing about 98 percent of its crude, the disruption raised immediate risks of shortages and price spikes.
“A refinery shutdown for failure to secure crude would lead to serious nationwide fuel shortages, sharp price spikes, panic buying, disruption to transportation and logistics, and broader economic dislocation—outcomes that would have had serious consequences for households, businesses, and critical public services in a country that is highly dependent on imported fuel,” Petron said.
Legal clearance
Petron said it coordinated closely with government agencies such as the Department of Finance and the Department of Energy. It said the Bangko Sentral ng Pilipinas also confirmed there is no legal prohibition on sourcing Russian crude.
“The corporation wishes to transparently disclose that, if the current crisis persists and alternative crude sources remain unavailable or insufficient, the corporation may again be compelled to consider purchases of Russian crude oil to augment the national fuel supply and directly mitigate the inimical consequences resulting from the absence of a stable and reliable source of crude,” Petron said.
“Any initiative taken by the corporation shall be made in close coordination with the Philippine government and would be guided by the overriding objective of ensuring energy security for the country,” it added.
—Edited by Miguel R. Camus
