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 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 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 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.

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.

Philippines oil and gas downstream market is expected to reach $50 Bn by 2030, growing at 4.2% CAGR, driven by increasing domestic fuel demand and infrastructure initiatives.

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.

In 2023, the reported stock of diesel oil in the Philippines was at 959 million liters — the highest among other petroleum products. In addition, there were 604 million liters of gasoline and 221 liters of crude oil. Despite domestic supply, the Philippines heavily imports crude oil and finished petroleum products such as gasoline and diesel oil.

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.

Forecast: Palm Oil Market Size Volume in Philippines 2023 - 2027 Discover more data with ReportLinker!

In 2023, the transport sector in the Philippines consumed mainly diesel and gasoline. Meanwhile, biodiesel consumption reached around ******* barrels in that year.

Philippines Oil and Gas Exploration Services Market is valued at USD 2.5 billion, driven by rising energy demand, government initiatives like the Philippine Energy Plan, and investments in offshore and onshore activities.

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.

Price for Crude Oil and Processed Petroleum in the Philippines - 2023. Find the latest marketing data on the IndexBox platform.

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.

Forecast: Soybean Oil Market Size Volume in Philippines 2022 - 2026 Discover more data with ReportLinker!

The Philippine palm oil market skyrocketed to $1.1B in 2024, with an increase of 20% against the previous year. Overall, consumption enjoyed significant growth. Palm oil consumption peaked at $1.3B in 2022; however, from 2023 to 2024, consumption remained at a lower figure.

Forecast: Groundnut Oil Market Size Volume in Philippines 2023 - 2027 Discover more data with ReportLinker!

The Philippine liquefied petroleum gas (LPG) market soared to $968M in 2024, surging by 44% against the previous year. Over the period under review, the total consumption indicated a tangible increase from 2012 to 2024: its value increased at an average annual rate of +2.6% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period.