Philippines Explores Russian Fuel Supply Amid Record High Prices
CEBU CITY – As fuel prices surge to record highs, a gasoline station attendant adjusts the diesel price display at a station along Sergio Osmeña Boulevard on March 19, 2026. The ongoing conflict in the Middle East has intensified the global energy crisis, prompting urgent government action.
Government Seeks Alternative Sources
In an interview with Bloomberg on Tuesday, March 24, 2026, President Ferdinand “Bongbong” Marcos Jr. announced that the government is actively exploring the possibility of securing fuel supply from Russia. This move aims to increase the country’s buffer stock and mitigate the impact of soaring prices.
Marcos emphasized that while Russia is not a traditional supplier of crude oil or energy to the Philippines, the administration is leaving no stone unturned. “Basically, we are trying anything, everything to secure supply because that’s the one thing that we can do about,” he stated. He acknowledged that pricing remains a significant challenge, noting, “The pricing is going to be a much more difficult challenge because everyone is a price taker when it comes to oil.”
Current Supply and Commitments
The President highlighted that China has consistently been a trading partner, and the government continues to work on securing its commitment to bolster fuel supply. He expressed confidence in this development, saying, “I think it’s certainly going to happen. I don’t think that’s something that we can, that is like an option. It’s happening now.”
Currently, the Philippines sources its energy needs from various countries:
- Fertilizer from Indonesia and China
- Refined fuel from Japan and South Korea
- Oil from Malaysia
According to the energy department, as of March 20, 2026, the country’s fuel supply can last up to 45 days. To extend this buffer, the government has allocated P20 billion for the procurement of two million barrels of diesel, which would add an additional 10 days to the existing supply.
Global Restructuring and Implications
Marcos referenced comments from Singapore’s Prime Minister Wong, indicating a broader global shift. “There’s going to be a very, very serious restructuring. I remember I was watching Prime Minister Wong from Singapore and he was saying there will be, we will have to withdraw, redraw, all of our, even our legal relationships in terms of international law, in terms of all of these things,” he added.
This exploration of Russian fuel supply underscores the Philippines’ proactive approach to navigating the volatile energy market. As prices continue to climb, securing diverse and reliable sources becomes paramount to ensuring national stability and economic resilience.
