Philippines Petroleum Market is projected to reach USD 21.54 billion by 2032, growing at a CAGR of 4.4% during the forecast period 2024-2032.

The Philippine market for crude oil and processed petroleum soared to $20B in 2024, jumping by 25% against the previous year. In general, the total consumption indicated slight growth from 2012 to 2024: its value increased at an average annual rate of +1.4% over the last twelve years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption decreased by -1.6% against 2022 indices.

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.

The Philippines petroleum market was valued at USD 28.04 Billion in 2024. The industry is expected to grow at a CAGR of 4.40% during the forecast period of 2025-2034. Rapid industrialization, expanding transportation infrastructure and the emergence of a growing middle-class population are primary drivers fostering the increase of petroleum consumption in the Philippines. In turn, all these factors have resulted in the market attaining a valuation of USD 43.13 Billion by 2034.

The revenue of the petroleum market in the Philippines amounted to $X in 2017, picking up by X% against the previous year. In general, the total market indicated a strong growth from 2007 to 2017: its value increased at an average annual rate of +X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations throughout the analyzed period. Based on 2017 figures, the petroleum consumption increased by +X% against 2015 indices.

This statistic shows the revenue of the industry “manufacture of refined petroleum products“ in the Philippines from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of manufacture of refined petroleum products in the Philippines will amount to approximately *** billion U.S. Dollars by 2024.

The Philippine crude oil market surged to $4.8B in 2024, rising by 178% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a mild reduction. Over the period under review, the market attained the maximum level at $5.8B in 2018; however, from 2019 to 2024, consumption remained at a lower figure.

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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.

Philippines Petroleum Consumption: Total Industry: Power Generation data was reported at 8,901.500 Barrel th in 2016. This records a decrease from the previous number of 9,997.600 Barrel th for 2015. Philippines Petroleum Consumption: Total Industry: Power Generation data is updated yearly, averaging 12,963.750 Barrel th from Dec 1985 (Median) to 2016, with 32 observations. The data reached an all-time high of 33,517.330 Barrel th in 1997 and a record low of 5,623.500 Barrel th in 2011. Philippines Petroleum Consumption: Total Industry: Power Generation data remains active status in CEIC and is reported by Department of Energy. The data is categorized under Global Database’s Philippines – Table PH.RB003: Petroleum Consumption.

Philippines Crude Oil Market growth is driven by strong demand for energy, particularly in emerging markets, and the continued need for crude oil in transportation and industrial applications.

The Philippine market for petroleum lubricating oil and grease reached $296M in 2024, with an increase of 2.5% against the previous year. Over the period under review, consumption, however, saw a strong increase. Petroleum lubricating oil and grease consumption peaked at $358M in 2017; however, from 2018 to 2024, consumption remained at a lower figure.

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.

Philippines Petroleum Consumption: Total Industry: Total data was reported at 76,273.500 Barrel th in 2016. This records an increase from the previous number of 68,851.800 Barrel th for 2015. Philippines Petroleum Consumption: Total Industry: Total data is updated yearly, averaging 50,978.350 Barrel th from Dec 1985 (Median) to 2016, with 32 observations. The data reached an all-time high of 95,808.600 Barrel th in 2005 and a record low of 33,100.000 Barrel th in 1985. Philippines Petroleum Consumption: Total Industry: Total data remains active status in CEIC and is reported by Department of Energy. The data is categorized under Global Database’s Philippines – Table PH.RB003: Petroleum Consumption.

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Philippines Oil & Gas Infrastructure Market growth is driven by increasing energy consumption, advancements in pipeline technology, and investments in alternative energy infrastructure.

Comprehensive dataset of 1 Petroleum products companies in Romblon, Philippines as of August, 2025. Includes verified contact information (email, phone), geocoded addresses, customer ratings, reviews, business categories, and operational details. Perfect for market research, lead generation, competitive analysis, and business intelligence. Download a complimentary sample to evaluate data quality and completeness.

The Philippines palm oil market attained a volume of 1.18 MMT in 2024. The industry is expected to grow at a CAGR of 6.70% during the forecast period of 2025-2034 to attain a volume of 2.26 MMT by 2034.

Comprehensive dataset of 4 Petroleum products companies in Albay, Philippines as of July, 2025. Includes verified contact information (email, phone), geocoded addresses, customer ratings, reviews, business categories, and operational details. Perfect for market research, lead generation, competitive analysis, and business intelligence. Download a complimentary sample to evaluate data quality and completeness.