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EJ Macababbad - The Philippine Star
March 17, 2026 | 12:00am
MANILA, Philippines — With the United States’ recent suspension of oil sanctions on Russia, the Philippines and some local players are negotiating with Russian firms for supply contracts as deliveries from the Middle East are expected to tighten further.
This was according to Energy Secretary Sharon Garin, who also assured the public that while the Middle East conflict may have pushed fuel prices to record levels, supply will remain adequate beyond April.
Garin said the government, through the Philippine National Oil Co. or PNOC – along with some local players – has been in talks with Russian firms for the purchase of crude. The Philippines has only one refinery to process crude into fuel products: the Petron refinery in Limay, Bataan.
The US has temporarily allowed Russia to sell crude oil already at sea until April 11. This will inject millions of barrels into the energy market, where prices are now hovering around $100 a barrel.
The PNOC may also procure beyond the one million barrels of diesel reserves it initially announced, as storage facilities are not yet fully utilized.
The government is also negotiating with Japan, Singapore and South Korea for possible purchase agreements.
Meanwhile, the House of Representatives approved on second reading yesterday a measure allowing President Marcos to temporarily suspend the mandatory biofuel blending to help ease pump prices during periods of global oil market volatility. — Delon Porcalla, Neil Jayson Servallos
