Philippines Likely To Grounding Planes
Philippines President Ferdinand Marcos Jr. warned that grounding planes due to jet fuel shortages from the US-Israel war on Iran is a "distinct possibility."Several countries have refused to refuel Philippine airlines, forcing carriers to load extra fuel for round trips, severely impacting long-haul flights."We're hoping not, but it's a distinct possibility," Marcos told Bloomberg on Tuesday (March 24, 2026).To counter supply pressures, the Philippines is importing Russian crude for the first time in five years.The tanker Sara Sky, carrying 100,000 tonnes (750,000 barrels) of ESPO Blend from Kozmino, is en route to Petron's Bataan terminal in Limay, expected March 23-25 under a US sanctions waiver valid until April 11.Petron, the nation's largest refinery, is 40% owned each by the Philippine National Oil Company and Saudi Aramco, with 20% publicly listed.Meanwhile, Marcos certified as urgent a bill granting emergency powers to suspend or reduce fuel excise taxes when Dubai crude exceeds $80/barrel for a month.Both Senate and House approved it on final reading. These measures aim to shield consumers from spiraling energy costs amid global tensions.
