Phl 'eyeing' Russian fuel imports amid global oil crisis: DFA
DOE issues show-cause orders to six gasoline stations in Cagayan de Oro for alleged fuel price manipulation under City Ordinance No. 11-240.
Daily TribuneDOE issues show-cause orders to six gasoline stations in Cagayan de Oro for alleged fuel price manipulation under City Ordinance No. 11-240.
The Philippines is considering sourcing oil imports from Russia amid the ongoing oil crisis caused by the Israeli-United States war on Iran, exacerbated by the closure of the Strait of Hormuz, which has further disrupted global oil markets.
Department of Foreign Affairs Secretary Ma. Theresa Lazaro briefly answered in the affirmative in response to a query on whether procuring oil imports from Russia is part of the Philippines’ option, given the temporarily loosened sanctions by the US against Russian oil.
“That is something which is being considered, but I will leave this to the office, or rather to the Cabinet member in charge of this, and that is the Department of Energy,” Lazaro told reporters in a virtual briefing on Friday, shortly after convening the Special ASEAN Foreign Ministers' meeting on the Middle East security crisis.
Lazaro added that there is also an ongoing discussion about synergy between economic ministers and foreign ministers in light of concerns about economic and security issues sparked by the ongoing conflict.
Data from the Department of Energy showed that the Philippines sources the lion’s share, or about 98 percent, of its crude oil from the Middle East, a major global oil exporter, now at the center of drone and airstrike attacks between Israel, the US, and Iran. The neighboring countries account for the remaining 2 percent.
President Marcos Jr. confirmed that the Philippines is currently exploring other countries as possible alternative sources of fuel imports in a bid to secure supply and stabilize prices in view of widening disruptions from the Middle East, causing fuel, electricity, water, and transport fares to jack up.
Asian countries such as China and India have emerged as top buyers of Russian crude oil, following Moscow’s war in Ukraine in 2022, prompting Western countries to shun its exports.
Marcos did not specifically confirm whether the Philippines is also eyeing Russia as a temporary source of fuel imports, though in 2022, he expressed willingness to buy Russian oil in the face of rising global fuel prices due to conflicts between Moscow and Ukraine.