Philippines Explores Russian Oil Imports Amid Price Surge

Photo courtesy of Philstar

The Philippines is exploring the possibility of importing oil from Russia to secure alternative supply sources, according to Energy Secretary Sharon Garin. The initiative, as reported by Reuters, involves the state-run Philippine National Oil Company (PNOC) reaching out to Russian oil firms, though specifics regarding the volume and duration of supply remain undetermined. This move comes in response to rising global oil prices exacerbated by the ongoing conflict involving the United States, Israel, and Iran.

Get today's headlines by email

In addition to Russia, Manila is in discussions with other exporters, including Thailand, Japan, and Singapore, aiming to stabilize its fuel supply amidst volatile global markets. Secretary Garin assured that the Philippines currently has enough fuel inventory to last until April, allaying immediate concerns over potential shortages. The country, which relies heavily on imported petroleum, is particularly susceptible to global supply chain disruptions.

The impending imposition of double-digit fuel price hikes on March 17 will see diesel prices nearing P100 per liter, reflecting the nation's vulnerability to global price surges. The Philippines' initiative mirrors actions taken by the United States, which has also engaged with Russian oil to stabilize worldwide markets. Earlier this month, the U.S. issued a 30-day waiver for certain Russian crude and petroleum cargoes, temporarily lifting sanctions imposed due to the Ukrainian conflict.

The U.S. waiver could potentially involve about 100 million barrels of Russian oil, indicating significant market impact. As the Philippines awaits Moscow's response, these developments underscore the global quest to secure stable energy resources amid geopolitical tensions and economic challenges.

Looking ahead, the Philippines will continue to seek diverse energy sources to mitigate risks and ensure steady supplies. The outcome of these discussions with Russia and other potential suppliers will play a crucial role in shaping the country's energy security strategy, reported Philstar.

Join the discussion?

  Adapted by ASEAN Now · Philstar · 17 Mar 2026