Russia, US, Indonesia — PH Scrambles for New Oil Sources as April Supply Runs Thin
The Philippines is knocking on Russia's door for oil. Energy Secretary Sharon Garin confirmed that the state-run Philippine National Oil Company (PNOC) has already reached out to Russian oil companies to explore possible imports, though no volumes or timelines have been finalized yet. Manila is still waiting for Moscow's response.
It's a bold but necessary move. The war between the US-Israel coalition and Iran has sent global fuel markets into chaos, and the Philippines — which imports nearly all of its petroleum — is dangerously exposed. According to Garin, current fuel inventories are only sufficient until April, putting the country on a tight deadline to secure alternative sources.
Russia isn't the only option on the table. The DOE is also in active talks with Indonesia, Thailand, Japan, and Singapore. Even the United States is being considered, though Garin noted that American oil faces the twin challenges of higher costs and much longer shipping times across the Pacific.
The urgency is real. Diesel has already breached P100 per liter, double-digit fuel price hikes have been imposed on motorists, and the government is racing to augment the national oil buffer by 2 million barrels. The DOE is essentially working against the clock to prevent a supply crunch that could paralyze transportation and push consumer prices even higher.
For a country that depends almost entirely on imported fuel, the message is clear: diversify or suffer. Whether Russian oil actually materializes remains to be seen, but the fact that the Philippines is even having the conversation tells you how serious the situation has gotten.
Source: Philstar / Atin Ito News / Manila Bulletin
