Jamaine Punzalan

Defend Jobs Philippines held a protest at the Petron Gas station on Commonwealth Avenue in Quezon City on March 02, 2021. The group is urging government to hike wages instead of hiking prices of fuel citing the challenges of rising costs amidst a national public health emergency. Jonathan Cellona, ABS-CBN News

Article (news)

Agence France-Presse

The Philippines&#x27; sole oil refinery has secured nearly 2.5 million barrels of Russian crude out of &quot;extreme necessity&quot;, a stock exchange filing revealed Monday, as the country seeks to replenish fast-dwindling fuel reserves.The Philippines has seen the price of fuel hit historic highs since the US-Israeli war with Iran forced the partial closure of the <a href="https://www.abs-cbn.com/news/nation/2026/3/26/philippines-says-strait-of-hormuz-must-be-reopened-immediately-0108">Strait of Hormuz</a>, with President Ferdinand Marcos most recently saying stocks <a href="https://www.abs-cbn.com/news/nation/2026/3/27/marcos-philippine-crude-oil-supply-enough-until-end-of-june-0855">could last until June 30.</a>AFP reported last week that a<a href="https://www.abs-cbn.com/news/nation/2026/3/26/russian-oil-arrives-as-philippines-battles-energy-emergency-1147"> tanker filled with Russian crude oil</a> had arrived at the harbor servicing refinery operator Petron Corp, a purchase unthinkable before longtime treaty ally the United States eased sanctions tied to Moscow&#x27;s war in Ukraine.In a report to the Philippine stock exchange released Monday, Petron said it had agreed to purchase Russian crude after seeing at least four million barrels in shipments cancelled since the start of the Middle East war.&quot;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,&quot; the report reads.&quot;A refinery shutdown for failure to secure crude would lead to serious nationwide fuel shortages and sharp price spikes,&quot; said the company, whose refinery accounts for about 30 percent of the country&#x27;s fuel needs.Since the war began, the cost of diesel and gasoline has skyrocketed, driving protests by groups representing the country&#x27;s jeepney drivers and others.Prices were set to tick up again on Tuesday.The United States earlier this month eased some restrictions on sales of Russian crude, allowing countries to purchase oil that was already at sea until April 11.The Philippines&#x27; Department of Energy last week announced the arrival of 142,000 barrels of government-procured diesel, part of its target of &quot;up to two million barrels of additional supply for the country&quot;.Energy secretary Sharon Garin told AFP that shipment had come from Japan.<div><iframe width="640" height="360" src="https://www.youtube.com/embed/RSG7KTFqKQY?&amp;pp=0gcJCdsKAYcqIYzv&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe> </div>

The Philippines' sole oil refinery has secured nearly 2.5 million barrels of Russian crude out of "extreme necessity", a stock exchange filing revealed Monday, as the country seeks to replenish fast-dwindling fuel reserves.

The Philippines' sole oil refinery has secured nearly 2.5 million barrels of Russian crude out of "extreme necessity", a stock exchange filing revealed Monday, as the country seeks to replenish fast-dwindling fuel reserves.

Petron secures 2.5 million barrels of Russian crude

News

Entertainment

Lifestyle

Sports

Metro.Style

More

Sudoku

Word of the Day

Lotto

Horoscope

Nation

Petron secures 2.5 million barrels of Russian crude

Agence France-Presse

Published March 30, 2026 10:58 AM PHT

Read More:

Petron

Russia

crude oil

Russia oil

diesel

gasoline

oil

fuel

ANC promo

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

AI Policy

Terms of Service

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Privacy Policy

Terms of Service

AI Policy

Advertise with Us

© 2026 ABS-CBN Corporation. All Rights Reserved.