MARCH 29, 2026 — The country’s biggest fuel fight is back on the table. Lawmakers from the Makabayan bloc are pushing Congress to wrestle control of Petron — our largest oil player — away from private hands and return it to the people. With Petron supplying roughly one-third of the nation’s petroleum needs, this isn’t just a corporate tug-of-war. It’s about who really calls the shots on the price of every jeepney ride, every delivery, and every trip to the palengke.

House Bill 8127, dubbed the Petron Renationalization Act, orders the government to buy back at least 51% of Petron shares within a year, through repurchase or expropriation if necessary. Within four years, Petron would be fully under the Philippine National Oil Company (PNOC). 

The goal? Public control over supply, fairer prices, expanded refining, and investment in local oil exploration.

The bloc argued, “Hindi maaaring habang nagmamahalan ang langis at bilihin, hawak ng iilan ang industriya at nakatali ang mamamayan sa walang habas na taas-presyo.”

(It cannot be that while oil and goods are becoming more expensive, the industry is controlled by a few and the people are bound to unchecked price hikes.)

They further argue this isn’t just a quick patch but a permanent break from cartel control. 

As they put it, “Panahon nang bawiin ang kontrol sa mahahalagang industriya at tiyakin na langis, enerhiya, at kabuhayan ang pinaglilingkuran, hindi ang tubo ng iilan.”

(It’s time to reclaim control of vital industries and ensure that oil, energy, and livelihood serve the people, not the profits of a few.)

Petron was once state-owned before being privatized in the 1990s. Today, San Miguel Corporation holds majority control, and its president Ramon Ang has said he’s open to selling if the government wants to buy. 

So if the door is open, why hasn’t Congress walked through it?

Another measure, HB 8765, also seeks to classify petroleum as a prime commodity, freezing prices during emergencies. 

Clearly, the oil debate is heating up.

Will reclaiming Petron for the public truly protect us from the endless cycle of oil price shocks, or will it just swap one form of control for another?

(Image: Petron Corporation | Facebook)