The Philippines has requested the U.S. to extend a waiver permitting it to import Russian oil and fuel products, as Manila looks to widen its energy sourcing options amid ongoing market disruptions, Reuters reported Tuesday, citing Energy Secretary Sharon Garin.
Garin said authorities are hopeful the exemption, which lapsed on April 11, will be renewed; however, contingency plans are in place to secure supplies from other regions, including South America and North America, according to the report.
Philippine envoy Jose Manuel Romualdez said approval is likely, adding that discussions with U.S. agencies are ongoing regarding volumes and timelines, the news agency reported.
The move forms part of broader efforts to diversify energy imports and cushion the impact of elevated global fuel prices, alongside recent steps to ease costs such as suspending excise taxes on kerosene and LPG, the report said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)