Petron starts selling cheaper gasoline product

MANILA, Philippines - Petron Corp., the country’s leading oil company now majority-owned by diversified conglomerate San Miguel Corp., will start selling today a gasoline product P3 per liter cheaper than regular gasoline.

Petron chairman and CEO Ramon Ang said this move is part of the company’s efforts to make cheap gasoline available to more Filipinos.

He said the Petron Pinoy Gasoline brand will be a more affordable gasoline formulation for public utility vehicles (jeepneys, tricycles and taxis etc.), bancas and farm equipment.

The Pinoy Gasoline, Ang said, is the company’s response to the plea of the transport groups and other sectors burdened with the high cost of fuels. Petron has over 1,500 stations all over the country.

Regular gasoline is now selling at P40.35 to P41.80 per liter.

Ang said Pinoy Gasoline is a company initiative to help cushion the impact of high fuel prices especially on the marginalized sectors of society.

“As the only Filipino-owned refiner, it was incumbent upon us to develop this gasoline brand and help our countrymen,” he added.

Pinoy Gas will be available in the following stations starting today.

Fairview, Quezon City; Ortigas Ave. Ext., Cainta; Bgy. Sipsipin, Jala Jala, Rizal; Malhacan, Meycauayan, Bulacan; Bolinao, Pangasinan; Mariveles, Bataan; and Obando, Bulacan.

By Sunday, the product will be offered in Petron’s stations in Sierra Madre, EDSA and Zapote Road, Las Piñas.

The company’s top executive said they plan to make available Pinoy Gasoline in more of its service stations to reach more consumers.

Petron has a 180,000-barrels per day refinery in Bataan. It is the largest oil refining and marketing company in the Philippines. Its refinery produces a full range of petroleum products to supply nearly 40 percent of the country’s total fuel requirements.

The oil industry leader is controlled by San Miguel. Other stockholders are UK investment fund manager Ashmore Group, Petron Corp. Employees’ Retirement Plan and several minority owners, including public shareholders.