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Brix Lelis - The Philippine Star
March 31, 2026 | 12:00am
A fisherman paddles before the Sierra Leone-flagged Sara Sky, which is carrying crude oil from Russia, anchored at Limay port, Bataan province on March 26, 2026.
AFP / Ted Aljibe
MANILA, Philippines — Petron Corp., the Philippines’ only oil refiner, has procured 2.48 million barrels of Russian crude, with more orders from Moscow likely amid ongoing disruptions in the Strait of Hormuz.
The company said the Russian shipments, along with other secured crude supplies, will augment its fuel inventory through June as the country battles an energy emergency triggered by the US-Israel attack on Iran.
“Acting out of extreme necessity and considering the abrupt cut in supply, the corporation was thus constrained to procure Russian crude oil, which at that time was available and the only viable crude,” Petron said in a statement yesterday.
The oil shipment, however, will not come soon enough to stave off price hikes in the near term, as motorists face another double-digit jump in diesel prices today, while gasoline ticks up by less than P3 per liter.
Petron’s Bataan refinery can process 180,000 barrels of oil per day, supplying about one-third of the national fuel demand.
Before tensions erupted late in February, the company had sourced about 98 percent of its crude or unrefined petroleum imports from the Middle East.
If the war continues and alternative crude sources remain unavailable, Petron said it may be forced to buy Russian crude again to beef up the country’s existing fuel buffer and avert supply shortages.
“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,” it said.
When the US and Israel launched their military campaign against Iran, Petron was told that a shipment of two million barrels of crude was unable to pass safely through the Strait of Hormuz.
A second shipment of two million barrels was later canceled on March 7 due to increased risks in the strait and the Red Sea.
In a statement, Bureau of Internal Revenue (BIR) Commissioner Charlito Martin Mendoza said the agency’s Large Taxpayers Service “will continue to work closely” with the Philippine National Oil Co. (PNOC) “to ensure the timely processing of requirements for current and future emergency fuel importations.”
Earlier this month, the Bangko Sentral ng Pilipinas issued a letter confirming that Philippine laws do not prohibit sourcing foreign currency for import or trade transactions.
“Based on these engagements, the corporation’s understanding was that there were likewise no domestic legal prohibitions on the importation of Russian crude oil,” Petron said.
Meanwhile, the number of closed gasoline stations dropped overnight to 365 yesterday from the previous day’s 369, the Philippine National Police (PNP) said.
Brig. Gen. Randulf Tuaño, PNP spokesman, said the decrease reflects improved fuel deliveries and restocking efforts, despite new closures reported in several regions. — Mark Ernest Villeza, Aubrey Rose Inosante
