The company continued to register strong volumes in the Philippines and Malaysia which reached 69.1 million barrels in the first six months, up 20 percent from the 57.6 million barrels sold in the same period last year. The solid outcome is fueled by the sustained performance of key segments, particularly retail and exports.

Broken down per country, Petron’s sales volumes in the Philippines rose 27 percent to 44.4 million barrels, while volumes from its Malaysian operations grew by 9 percent to 24.7 million barrels.

Petron’s retail segment, which posted a 10 percent increase, remained a key driver of the stellar volume performance through effective marketing programs in the company’s combined service station network of about 2,600 outlets in the Philippines and Malaysia. Sales to industrial accounts likewise jumped 9 percent mainly on higher jet fuel and LPG demand.

Global oil prices remained volatile because of ongoing tensions in the Middle East. The price per barrel of Dubai crude averaged USD 83 in the first six months, 5 percent higher than in the same period in 2023 as producers continued to manage supply.

With the company’s solid volume growth, overall margins improved despite the softening of refining cracks, falling by 17 percent from last year’s level. Consolidated operating income rose by 8 percent to P17.3 billion.

“Our prudent and strategic approach continues to pay off amid challenging economic conditions. Moreover, we were able to retain our edge in vital sectors and enjoy the trust of more and more customers. Our focus remains on strengthening the quality of our products and services while creating excellent value for our stakeholders,” said Petron President and CEO Ramon S. Ang.