Wanna buy Petron? The country’s only oil refinery can process 180,000 barrels of oil per day. With up to 39 percent market share and 1,800 retail stations, Petron can dictate prices of refined petroleum products. The provision defers duties and taxes on crude oil imported for domestic refining to the point of product lifting, not at the border. “What we have is Petron’s refinery inventory, its crude-in-transit and its storage capacity in Limay, Bataan.

Source: Philippine Star March 31, 2026 02:02 UTC