Commodity Market Report
Philippines retail fuels long-term outlook
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Report summary
The Philippines is a growing market for both gasoline and diesel, and we expect it to remain on a positive trajectory out to the early 2040s. This is due to the proliferating car ownership and the developing economy. Petron Corporation owns the only operating refinery in the Philippines, Bataan refinery, in Limay. Its production capacity is 180,000 barrels per day, which is insufficient to meet the country’s growing demand. Therefore, the Philippines is a net importer of diesel and gasoline. Dependency on imports will only increase as demand for oil products develops over time. With the deregulation of the downstream sector, the Philippine government allowed free competition in the market. Liberalisation saw the number of service stations proliferating with both international oil companies (IOCs) and local independents investing in retail expansion.
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