Petron 'In Talks' to Buy Russian Oil as PH Scrambles for Fuel Relief Amid Iran War Crisis
The Philippines is now looking at a once-unthinkable option: buying oil from Russia. Petron CEO Ramon Ang confirmed to AFP that the country's sole oil refiner is "in talks" to potentially purchase Russian crude, as the war-driven fuel crisis pushes the government to explore every possible lifeline.
The move comes after US-Israeli strikes on Iran triggered a wider Middle East war last month, closing the Strait of Hormuz and sending global oil prices through the roof. The Philippines, which depends almost entirely on the Middle East for crude oil, has been scrambling — implementing a four-day work week for government employees, reducing ferry schedules, and now eyeing Russian imports after a temporary easing of US restrictions.
Meanwhile, hundreds of tricycle drivers lined up in Manila on Tuesday para makakuha ng ₱5,000 cash handouts from the government. Sixty-year-old Romeo Cipriano, who has been driving a tricycle for four decades, called these "the highest fuel prices I've ever experienced." Fellow driver Al de Ocampo said his daily earnings have been slashed in half — from ₱1,000 to just ₱500.
On top of cash aid, the government announced fare hikes across public transportation. Jeepney fares are set to jump about 8% on average. The Senate is also expected to vote on granting President Marcos the authority to temporarily suspend or reduce excise taxes on fuel — a move that could provide some breathing room for commuters and drivers alike.
Diesel has already breached ₱100 per liter after a second consecutive double-digit hike, with gasoline not far behind. As tricycle driver Cipriano put it while patiently waiting for his subsidy: "We're not the only ones affected. No one wins in war."
Source: Philstar.com / AFP
