The gasoline price in the Philippines continued to fluctuate in 2023 and the first quarter of 2024, reaching 68.67 Philippine pesos per liter in March 2024. 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 As of March 2023, Shell Pilipinas Corporation held the highest share of the petroleum market in the Philippines, with a market share of about 16 percent. The company operated its own 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.

GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current U.S. dollars. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.