Petron Corp secures 2.5M barrels Russian crude
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- Petron Corp disclosed in a March 30 stock exchange filing that it purchased nearly 2.5 million barrels of Russian crude after at least four million barrels in shipments were cancelled since the start of the US-Israeli war with Iran.
- Petron characterized the purchase as an 'extraordinary emergency measure' taken only 'after exhausting all commercially and operationally viable alternatives,' warning a refinery shutdown would cause 'serious nationwide fuel shortages and sharp price spikes.'
- Petron's refinery accounts for about 30% of the Philippines' fuel needs, and President Ferdinand Marcos said fuel stocks could last only until June 30.
- The United States eased some restrictions on Russian crude sales until April 11, allowing countries to purchase oil already at sea — a move AFP described as making the Petron purchase 'unthinkable' before the change.
- The Philippines' Department of Energy announced the arrival of 142,000 barrels of government-procured diesel from Japan, part of a target of 'up to two million barrels of additional supply.'
- Fuel prices in the Philippines hit historic highs since the war began, driving protests by jeepney drivers and others, with prices set to tick up again on March 31.
Why it matters: The United States temporarily eased sanctions on Russian crude until April 11 — a departure from its long-standing regime tied to the Ukraine war — directly enabling a treaty ally's emergency fuel purchase. With Petron's refinery supplying 30% of Philippine fuel needs and stocks projected to last only until June 30, the narrow sanctions window is keeping a critical refinery operational and forestalling nationwide shortages.
