Petron Corporation is the largest oil refining and marketing company in the Philippines, supplying more than a third of the country's oil requirements. It operates a refinery in Limay, Bataan with a rated capacity of 180,000 barrels per day (29,000 m3/d). From the refinery, Petron moves its products mainly by sea to 32 depots and terminals throughout the country.

On August 11, 2006, an oil spill occurred in Panay Gulf when the oil tanker, MT Solar 1, sank off the coasts of Guimaras and Negros in the Philippines, causing what is considered to be the worst oil spill in the country's history.