Business magnate Dennis Uy’s Phoenix Petroleum Philippines Inc. emerged as the third biggest player in the country’s oil industry last year, overtaking American multinational energy company Chevron.
Phoenix rose one notch higher to clinch 6.86% of the market last year while Chevron slipped to fifth place with a 6.13% share, based on data from the Department of Energy.
San Miguel Corp.’s petroleum unit Petron Corp. continues to dominate the market with a 24.88% share followed by Shell Petroleum Corp. (18.25%).
The big three oil firms account for a total of 29.25% of the market while the balance is distributed by among independent retailers and importers.
Independent retailer Unioil Petroleum Philippines held 6.48% of the market.
“This latest development in terms of market share affirms the results of the brand market study we implemented that illustrate Phoenix as an emerging and credible and alternative to the ones Filipinos have been used to in the market. It encourages and inspires us even more to carry out our vision to be an indispensable partner of Filipinos in they daily journey,” said Henry Albert R. Fadullon, president of Phoenix.