Metro Manila, Philippines – The Philippines has requested an extension of the waiver allowing the purchase of Russian crude oil, as part of efforts to secure fuel supply amid global market uncertainty, the Department of Energy said Tuesday.
Energy Secretary Sharon Garin said the government has coordinated with the Department of Foreign Affairs to seek another window for the lifting of the embargo on Russian oil, adding that Manila is awaiting a response from the United States.
“We are very positive about getting this other window. If it doesn’t come through, we have other options also,” Garin said in a Palace briefing.
She said the move is part of a broader strategy to diversify the country’s sources of crude oil and reduce dependence on any single supplier.
“We wanted to open the Russian window because we want more options. Diversification ang kailangan para hindi tayo dependent sa isang country lang,” she said.
[Translation: We need diversification so we are not dependent on just one country.]
Garin said the Philippines is also exploring alternative sources of crude oil, including suppliers in South America such as Colombia and Argentina, as well as North American countries.
She added that refined petroleum products may also be sourced from Asia such as Brunei and India to supplement supply.
The DOE chief said that based on the latest reports from oil companies, there are no active orders for Russian crude, even as the government pushes for an extension of the waiver.
Garin assured the public that the country’s fuel inventory remains stable, with an average of about 50 days of fuel supply.
Global oil markets remain volatile over a fragile truce in the Middle East.
