Petron net income up 37% to P9.7B in first nine months

Petron Corporation reported a net income of P9.7 billion for the first nine months, up 37% from last year’s P7.1 billion, driven by higher domestic sales, lower costs, and improved plant efficiency.

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The homegrown oil company and the Philippines’ only remaining refiner delivered growth despite an international oil market pressured by geopolitical tensions, shifting policies, and lifting of supply cuts, all of which significantly impacted oil prices. Dubai crude remained rangebound at USD70 per barrel in the third quarter, following a drop to USD64 per barrel in May from USD80 per barrel in January this year. The regional pricing benchmark averaged USD71 per barrel from January to September, marking a 13% decline compared to last year.