Facing mounting pressure on fuel stocks from ongoing Middle East conflict, Petron Corp. has turned to Russia as an emergency source, securing 2.48 million barrels of crude oil to sustain its operations through June.
The country’s sole oil refiner, which commands roughly 30 percent of the domestic fuel market, disclosed the procurement to the Philippine Stock Exchange on Monday.
The company was explicit that the purchase falls outside its normal supply chain strategy, describing it instead as “an extraordinary emergency measure” taken only after other options were exhausted.
“[This was] in response to unprecedented geopolitical and supply-chain disruptions and only after exhausting all commercially and operationally viable alternatives,” the company said in its disclosure.
More than 700,000 barrels from the total volume had already been delivered to Petron prior to Monday’s announcement, according to earlier reports.
As the Philippines’ only refining facility, Petron’s supply decisions carry significant weight for the country’s overall fuel availability.
