Petron Corporation, the country’s lone oil refinery operator, has imported nearly 2.5 million barrels of crude oil from Russia, citing urgent necessity after exhausting all other supply options.
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, March 30, the company described the purchase as an “extraordinary emergency measure” prompted by continued volatility in the global oil market.
Petron warned that without securing the additional supply, the refinery would have been forced to shut down—an outcome that could have triggered a nationwide fuel shortage and driven prices even higher.
The company emphasized its critical role in maintaining energy stability, noting that its refinery currently provides about 30% of the Philippines’ total fuel supply.
The disclosure further stressed that the move was taken to ensure continuous operations and prevent potential disruptions that could affect both consumers and businesses amid ongoing uncertainty in global energy markets.