Philippines Faces Mass Fuel Station Shutdowns Amid Energy Supply Crisis
The Philippine National Police reported that 365 gasoline stations have closed due to limited supply, and authorities identified seven cases of fuel hoarding and price gouging. Manila has declared a national emergency in response to declining oil imports, particularly as Iran exerts control over the Strait of Hormuz while tensions between the US and Israel and Tehran enter their second month.
To address the shortfall, the Philippines has purchased 2.48 million barrels of Russian crude oil.
The country relies on imports for roughly 90% of its energy needs, spending about $16 billion on oil in 2024, most of it sourced from the Middle East.
Amid the crisis, President Ferdinand Marcos Jr. indicated that Manila is “open to restarting” discussions with China on a joint oil and gas project in the disputed South China Sea. “That’s something we’ve been talking about for a great deal, but territorial disputes are getting in the way of that,” Marcos told a news outlet.
Relations between the Philippines and China have remained tense due to overlapping claims in contested maritime areas.
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