BIZ BUZZ: Petron gets precious crude oil

Petron Corp. of billionaire Ramon Ang successfully pulled off a crude oil refill as the Philippines scrambles to get a supply boost amid the Middle East crisis disrupting energy markets.

“DOE (Department of Energy) will officially announce,” Ang, who heads the oil giant, said in a message when sought for his confirmation on Thursday.

For some reason, the DOE has yet to disclose any details on this. But Energy Secretary Sharon Garin previously said that Petron was indeed in talks with possible Russian crude oil suppliers.

A report from Agence France-Presse stated that a ship carrying more than 700,000 barrels of Russian crude oil just landed on Philippine shores, with Petron as the consignee, the country’s only oil refiner.

The acquisition of new crude supply was likewise confirmed at a Senate hearing on Thursday, but did not specify the origin of the order.

“Petron managed—albeit with great difficulty—to procure additional crude and finished products,” said Lubin Nepomuceno, Petron general manager.

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But of course, getting the supply comes at a price—higher demand translates to higher costs. This is still on top of “substantial increases” in freight, import premiums, insurance, etc., Nepomuceno said.

Thankfully—or more accurately, finally—President Marcos declared a national energy emergency even as his own power chief repeatedly brushed it off, dismissing crisis fears as if sufficient supply could magically ease Filipinos’ financial distress due to soaring fuel prices.