Philippine President Encourages Most Competitive Energy Sources, Including Russian Fuel

MANILA, Oct 10 (Reuters) – Philippine President Ferdinand Marcos Jr is encouraging local energy companies to source fuel from “the most competitive sources”, including Russia, to mitigate the impact of high prices on consumers, said Energy Secretary Raphael Lotilla.

The Southeast Asian country may need to turn to Russia for its fuel needs, Marcos said last week, despite Western sanctions against Moscow following its invasion of Ukraine. Read more

“As we have learned from Ukraine, there is always the threat of war breaking out somewhere in some parts of the world and this must also be taken into account by our downstream oil industry,” Lotilla said. Monday at a forum organized by the Philippine Business Journalists Association.

But the final decision to buy Russian fuel rests with the oil companies themselves, which operate in a deregulated environment, he said.

“In terms of the business decisions that need to be made…that of course also has to be balanced with downstream oil players’ concern for their own stability of supply,” Lotilla said.

A number of local oil companies are currently bound by long-term supply contracts, which also need to be considered, he said.

Reporting by Enrico Dela Cruz, Neil Jerome Morales and Karen Lema Editing by Ed Davies

Our standards: The Thomson Reuters Trust Principles.

Comments are closed.