MANILA – Petron Corp. confirmed the purchase of 2.48 million barrels of crude oil from Russia to bolster its inventory until June, citing a “precarious” national fuel supply due to the ongoing Middle East conflict.

The listed fuel retailer, which controls about 30% of the Philippine market and operates the country’s only refinery, said the procurement was coordinated with the Departments of Energy (DOE) and Finance (DOF) following calls for local companies to secure alternative sources of crude and refined products.

Petron emphasized that the purchase of Russian crude is “not part of its business-as-usual sourcing strategy” but was done as an “extraordinary emergency measure” after exhausting other commercially viable options.

The company also received confirmation from the Bangko Sentral ng Pilipinas (BSP) that sourcing foreign currency for the import is legal, allowing the transaction to proceed.

“The purchases were undertaken strictly out of extreme necessity… and only after exhausting all commercially and operationally viable alternatives,” Petron said. It added that it may consider further Russian crude purchases if alternative sources remain insufficient to maintain supply.

The Sierra Leone-flagged vessel Sara Sky, carrying over 700,000 barrels of high-quality crude from Russia’s ESPO pipeline, arrived in the Philippines last Monday, with Petron listed as consignee.

President Ferdinand “Bongbong” Marcos Jr. last Tuesday declared a state of national energy emergency and ordered the adoption of the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) to stabilize supply and support critical sectors such as transport, agriculture, and MSMEs.

Malacañang, citing Energy Secretary Sharon Garin, has maintained there is no oil supply crisis but a “price disruption” caused by Middle East developments. Local pump prices have climbed for 11 consecutive weeks for gasoline, and 13 weeks for diesel and kerosene.

Petron warned that a refinery shutdown due to insufficient crude could trigger nationwide fuel shortages, panic buying, sharp price spikes, and broader economic disruptions.

The procurement comes amid escalating tensions in the Middle East, with Iran threatening to respond if the US deploys ground forces, while US President Donald Trump has indicated intentions to secure Iranian oil assets, according to international reports.