MANILA: The Philippines’ Secretary of Energy Sharon Garin on Tuesday (Apr 14) said the country has asked the US to extend a waiver to purchase Russian oil and petroleum products.
Garin said the government is optimistic about extending the waiver, which expired on Apr 11, but is preparing alternative supply arrangements in case the request is declined.
“We are awaiting their response, but we are very positive on getting this other window,” Garin said at a news briefing.
The Philippines is diversifying its energy sources and supply options are not limited to Russia, with the government also eyeing producers in South America, including Colombia and Argentina, as well as Canada and the US, Garin said.
“We wanted to open the Russian window because we want more options. We need diversification,” she said.
Jose Manuel Romualdez, the Philippine ambassador to the US, told Reuters that “we will most likely get it”, referring to the extension, adding that other countries have also asked for the same extension.
“We just need to provide the US State and Treasury departments information on the quantity and duration,” he said.
He said last month that Manila was working with the US to secure waivers and exemptions that would allow the Philippines to obtain oil from US-sanctioned countries.
President Ferdinand Marcos Jr on Monday suspended excise tax on kerosene and liquefied petroleum gas after Congress granted him emergency powers to adjust fuel tax rates.
His team of economic managers have opposed the suspension of excise tax on diesel and gasoline.
Secretary of Finance Frederick Go on Tuesday said the Development Budget Coordination Committee, which comprises those economic managers, “has determined that suspending excise taxes on diesel and gasoline would not likely provide meaningful relief, as any reduction in retail pump prices would be marginal and largely offset by prevailing market dynamics”.
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