The Department of Energy (DoE) has asked Pilipinas Shell Petroleum Corporation (PSPC) about the latter’s plans to list on the local bourse. According to the Downstream Oil Industry Deregulation Act of 1998, oil companies that operate refineries in the Philippines are required to conduct an initial public offering (IPO) of at least 10 per cent of their common stock within a period of three years from the coming into effect of the law, or the commencement of their refinery operations. However, even after 15 years of the existence of the law, PSPC has yet to launch an IPO. On numerous occasions in the past, PSPC had appealed to the government to delay its IPO, citing unfavourable market conditions. However, it can no longer use this reason, as the Philippine downstream oil industry has been bullish lately.