As of 2023, China was the leading source of finished petroleum products imported to the Philippines at 24.54 percent. South Korea and Singapore were also among the major sources of finished petroleum product imports to the country.

During year-to-date December 2023, about 20.4 billion liters of petroleum products were imported to the Philippines, the highest share of which were diesel which amounted to over eight billion liters. On the other hand, gasoline imports had a total volume of over five billion liters.

The gasoline price in the Philippines continued to fluctuate in 2023 and the first quarter of 2025, reaching 56.34 Philippine pesos per liter in April 2025. The retail price of petrol peaked between May and June 2022.   Which countries supply petroleum products to the Philippines? The refined petroleum products supply in the Philippines is mainly imported from South Korea, which accounts for 31 percent of the total import share. Singapore and China also provide a large share of the country’s petroleum product supply. Due to a dormant oil refining capacity, the production of petroleum refinery products in the Philippines has shown sluggish growth recently, further emphasizing the need for importing such products. Leading petroleum companies in the Philippines Shell Pilipinas Corporation held the highest share of the petroleum market in the Philippines, with a market share of about 16 percent in 2023. The company operated its petroleum refinery until 2020, when it decided to focus on imports. There is only one operating oil refinery in the country, which is run by the second-largest oil company – Petron Corporation.

The oil industry in the Philippines is dominated by three major companies, which collectively represent about half of the market, with Petron taking the lead at about ** percent of the total petroleum products in 2023. Meanwhile, independent companies accounted for the other **** of the market. “Big 3” oil companies  Shell Pilipinas Corporation, Petron Corporation, and Chevron Philippines are collectively referred to as the “Big Three” petroleum companies in the Philippines. Capturing the biggest market share of total petroleum products, Petron Corporation operates the remaining oil refinery in Bataan and can supply about ** percent of the country’s total fuel requirements. Meanwhile, Shell Pilipinas operates in the downstream oil and gas segment, primarily refining and marketing petroleum products. However, since 2020, it has been purely import-based after closing its refinery. Finally, Chevron Philippines, formerly Caltex, is the third-largest oil company, focusing on imports after it stopped its refining operations. Does the Philippines produces oil?  The petroleum industry in the Philippines remains under-explored, with the country’s proven oil reserves remaining unchanged since 2018. With the closure of several refineries, the Philippines only has *** existing refinery and *** oil field, with most oil companies focusing on imports and retailing. As a result, oil refining capacity has been consistent since 2020, with the most produced refinery products being diesel and gasoline. To compensate for the lack of domestic production, the Philippines imports crude oil from the Middle East and finished petroleum products from South Korea, Singapore, and China.