Gasoline prices in the Philippines 2024

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.

Monthly gasoline prices in the Philippines from January 2020 to March 2024 (in Philippine pesos per liter)

Characteristic	2020	2021	2022	2023	2024
Dec	48.19	61.44	63.88	65.43	-
Nov	48.54	64.16	69.82	68.78	-
Oct	46.71	59.3	69.65	67.33	-
Sept	47.67	56.4	72.98	69.48	-
Aug	51.85	57.05	74.63	66.8	-
Jul	52.75	58.8	80.45	65.32	-
Jun	48.6	53.54	83.85	64.05	-
May	43.12	50.05	77.89	63.21	-
Apr	38.5	48.86	72.65	67.14	-
Mar	47.25	46.98	71.2	65.23	68.67
Feb	51.71	48.18	66.02	67.44	68.92
Jan	54.14	47.3	66.36	67.01	66.39