For the week of April 7 to 13, 2026, Petron’s retail prices were generally below those of Shell and Caltex across key products. This undermines the populist narrative because the same company being blamed for high prices is also operating a major domestic refinery and, in most cases, selling cheaper fuel than their multinational rivals. That demolishes their argument that Petron is driving price pressures.
In an interview with CNBC International on Thursday, April 9, 2026, the former Bangko Sentral ng Pilipinas governor, who now chairs the SM holding firm, pointed to structural adjustments that are helping the conglomerate navigate volatility.