Petron's RSA says fuel crisis not the time to make larger profits

Ever since the closure of the Strait of Hormuz just a few weeks ago after the conflict between the combined forces of the US and Israel against Iran escalated, fuel prices have risen to new heights.

Not only has this resulted in inflated pump prices, but it has also led to a limited fuel supply, which prompted President Ferdinand “Bong Bong” Marcos Jr. to declare a National State of Energy Emergency.

With no end in sight for pump prices to go down due to the ongoing conflict in the Middle East, some have started to question whether fuel companies have been taking advantage of the situation due to inflated pump prices. However, Ramon S. Ang, the president & CEO of Petron Corporation, shared that they will not take advantage of the ongoing fuel crisis.

“I promise the public, we will not take advantage of this fuel crisis. Hindi kami kikita na higit pa sa normal. I'm even willing to lower the income. Balewala iyon sa akin,” said Ang.

[I promise the public, we will not take advantage of this fuel crisis. We will not earn more than normal. I'm even willing to lower the income. I don't care.]

The executive even mentioned that he's willing to let the government buy Petron from him if they can do a better job of running it. As a reminder, the Philippine government sold its controlling stake in Petron back on February 3, 1994, when the Philippine National Oil Company (PNOC) signed a share purchase agreement with Saudi Aramco. This was part of the privatization program that was approved by the late former President Fidel V. Ramos.

“Kung gusto ng gobyerno, puwede nila bilhin yung Petron sa akin, kung sa tingin nila mas magaling sila magptakbo,” added Ang.

[If the government wants, they can buy Petron from me, if they think they can run it better.]

Ang reassured the public that Petron will help its customers in the country amid the ongoing fuel crisis. In fact, Petron recently received a shipment of Russian crude oil, which amounts to around 700,000 barrels, to help augment the current supply in the country.

For now, President Marcos Jr. said that the country's supply of crude oil will last until June 30, 2026, with the government looking to secure more following the declaration of a National State of Energy Emergency.