Marcos considering fuel supply from Russia

President Ferdinand "Bongbong" Marcos Jr. is considering to approach Russia for the Philippines' fuel needs.

In an interview with Bloomberg TV during his working visit in the United States, Marcos said the rising prices of petroleum products had "significantly" affected the country and cited the need to tap alternative sources for fuel.

“Now, maybe we need to approach Russia, say that maybe they can loosen up and provide us with some fuel,” Marcos said.

Asked if the Philippines was having conversations with Russia regarding fuel , Marcos said: "Yes, we are. We are having conversations with as many as possible suppliers."

On when the supply may be expected, he said, "Pretty soon. We are coming close with some agreements. Certainly, it will not be only in one place."

Asked about details on Marcos considering fuel supply from Russia, Press Secretary Trixie Cruz-Angeles said the Palace could not issue statement on it until such time that an agreement has been entered into and finalized.

"We do have the information but until the agreement has been finalized then we cannot disclose the pending transactions," Cruz-Angeles said at a separate press briefing.

Oil and gas prices have surged over Russian energy supplies and soaring inflation brought by the Russian-Ukraine conflict that started in February of this year.

While the Philippines does not buy oil directly from Russia, its trading partners such as China, South Korea, and Japan do, according to the Department of Energy. —Anna Felicia Bajo/NB, GMA News