The Philippines got its first cargo of Russian crude in five years this March: about 750,000 barrels, delivered to the Bataan refinery. Petron Corporation, the country’s only major refiner, also confirmed it had bought about 2.48 million barrels of Russian crude.
Behind the purchases is a squeeze on the Strait of Hormuz. Southeast Asia imports most of its oil from the Middle East, and with the strait still largely closed to shipping because of the conflict there, several Asean countries are looking elsewhere. Gulf News described the situation as an “energy emergency.”
Who is buying
Indonesia said it has agreed to import about 150 million barrels of Russian crude this year, to cut its reliance on disrupted Middle Eastern shipments.
Vietnam, Malaysia and Myanmar have shown interest too, observers say. Their leaders have been talking with Russian officials about energy cooperation as prices rise and supply gets less dependable.
What it costs ordinary people
Fuel prices in the region have jumped. Figures from Global Petrol Prices show Southeast Asian countries make up much of the list of the steepest gasoline and diesel increases as of late March 2026. The Philippines ranks second in the world for gasoline, with prices up 71.6 per cent since February 23. For diesel it ranks third, up 111 per cent over the same period.
Drivers, commuters and anyone who relies on trucked goods feel that quickly. Any trouble at the chokepoint moves through energy markets and lands on consumers and businesses.
Risks of the Russian option
Experts warn that Russian fuel brings short-term relief but a longer-term cost. Deeper dependence could give Moscow more leverage in Southeast Asia, where the United States and China are also competing for influence. Analysts also note that US-led sanctions over Ukraine form the backdrop to any deal.
Asean energy ministers and dialogue partners are meanwhile discussing joint responses to the price swings, including stockpiling and regional cooperation mechanisms.
