Petron secures 2.48M barrels of crude oil to help stabilize PH fuel supply

Petron gets PH government support to secure additional supply of Russian crude

Motorists will be able to breathe a sigh of relief in the coming months when it comes to fuel supply after Petron Corporation, with the help of the Philippine government, was able to secure a new shipment of Russian crude oil.

With no signs of the tensions in the Middle East easing, Petron said that the purchasing of Russian crude was aimed at stabilizing fuel supplies in the country amid the supply-chain disruptions caused by the ongoing conflict.

“The purchases were undertaken strictly out of extreme necessity as an extraordinary emergency measure in response to unprecedented geopolitical and supply-chain disruptions and only after exhausting all commercially and operationally viable alternatives,” said Petron in a statement

According to Petron, they coordinated with several agencies, including the Department of Finance (DOF), Department of Energy (DOE), and the Bangko Sentral ng Pilipinas (BSP), to secure the new shipment of Russian crude oil. The BSP even confirmed that there is no legal prohibition on sourcing the said oil.

“Any initiative taken by the corporation shall be made in close coordination with the Philippine government and would be guided by the overriding objective of ensuring energy security for the country,” added Petron.

Petron added that the decision to secure more Russian crude was due to its separate cargoes (amounting to four million barrels) being unable to pass through key routes since the start of the conflict. This led to Petron seeking alternative supplies of oil via Russian crude.

“The corporation wishes to transparently disclose that, if the current crisis persists and alternative crude sources remain unavailable or insufficient, the corporation may again be compelled to consider purchases of Russian crude oil to augment the national fuel supply and directly mitigate the inimical consequences resulting from the absence of a stable and reliable source of crude,” shared Petron.

As of last week, President Ferdinand “Bong Bong” Marcos Jr. declared that the country has a sufficient supply of fuel that will last until June 30, 2026. With Petron securing more crude oil shipments from Russia, perhaps the country's supply will extend further for several months.

Source: Petron via Insider PH