Fuel retailer Unioil Petroleum Philippines plans to open a total of 60 petrol stations over the next three years, as part of strategy to accelerate the expansion of retail segment.

Through this proposed expansion, the company intends to have around 100 petrol stations by 2015.

The gasoline retailer will invest PHP400m ($9.2m) every year for the next three years to finance the expansion, with plans to spend PHP15m ($345,964) to PHP20m ($461,285) per station.

Unioil president Kenneth Pundanera said that the company would launch 20 outlets every year, exceeding the chain’s previous target of 12 openings per annum.

"Our expansion this year will start with the three new stations that will open in August. They are about 95% complete already," Pundanera revealed.

"So we will start the design, securing of permits and construction of 17 more stations within the year."

Unioil is particularly looking to launch these stations in Luzon, following which it plans to expand into other regions.

The fuel retailer has recently introduced European fuel quality standard-compliant Euro IV gasoline, becoming the first and only company to retail all diesel and gasoline products with lower amounts of sulfur.