San Miguel Corp. chairman and chief executive officer Ramon Ang said he is willing to sell Petron Corp. to the government if it believes it can better manage the country’s largest oil refining and marketing company.

Ang made the remark during an ambush interview at the opening of the NAIA Expressway Phase II–Westbound Off-Ramp in Pasay City, when asked if Petron could lower prices to ease the burden of motorists amid recent fuel price hikes.

“This is a public service. And we promise the public that we will not take advantage of this fuel crisis. Hindi kami kikita ng mahigit pa sa normal. And I am even willing to lower the income, balewala yan sakin. In fact, sabi ko nga eh, kung gusto ng gobyerno, pwedeng bilhin yan ng gobyerno saken eh kung sa tingin nila mas magaling silang magpatakbo,” Ang said.

He added that Petron is open to scrutiny, including allowing the Commission on Audit to review its books.

“Wala po kaming gustong i-take advantage na kita, especially during the crisis. Pag tiningnan mo ang Petron, ang sales revenue ay P700 to P800 billion a year. Pero kapag tinignan mo ang income, katiting lang, P6-P7 billion a year. Mas malaki ang kita sa Malaysia because other countries, they are given guarantee profit. Pilipinas lang ang wala kasi deregulated tayo, market force, which other countries will copy soon,” he said.

Ang also said the company is absorbing higher costs to maintain supply. “Minsan, kahit mas mataas ang pagkakabili namin, eh kung yung market may mababa, hindi bale na, isasakripisyo na lang namin sa pamamagitan ng pagbili ng mas mahal na crude. So liliit ang income para lang siguradong hindi tayo ma-run out of crude oil,” he said.

Asked about selling fuel at a loss, Ang warned of long-term risks. “We can do that, everybody can do that. Pero until when, after two weeks or one month, bankrupt lahat ng oil companies? Pwede rin yun kung yun ang gusto nyong mas Mabuti,” he said.

Petron reported a net income of P15.6 billion in 2025, up 84 percent from P8.5 billion in 2024, driven by higher volumes, improved refinery performance and cost efficiencies. Total volumes in the Philippines and Malaysia reached 113.4 million barrels, three percent higher than the previous year.

Meanwhile, President Ferdinand R. Marcos Jr. said the government is continuing to explore alternative sources of crude oil to stabilize supply.

“Pero patuloy pa rin ang ating paghahanap ng supply. Patuloy pa rin ang ating pagsuporta sa ating mga commuter para naman mabawasan ang bigat ng epekto nitong nagkakagulo sa Middle East,” Marcos said during the same event.

“Mas mahal ‘yung magpapasok ka ng refined na, na diesel na. At ika niya ay mayroon na tayong supply of crude oil, sufficient supply hanggang June 30,” he added.

Marcos said he has held discussions with Ang, noting that importing crude oil for local refining is more cost-efficient than importing finished fuel products.

The President led the opening of the 320-meter NAIA Expressway off-ramp project in Barangay 183, Pasay City, aimed at easing traffic congestion and improving access to the airport.

The Department of Energy earlier said a shipment of more than 700,000 barrels of Russian crude oil had arrived in the country.