Petron Corporation’s net income increased 2.5 percent to P4.03 billion in the first quarter of 2025 from P3.93 billion a year earlier.
In a statement on Tuesday, the publicly listed company said its performance was driven by 14 percent growth in the domestic market, boosted by its strategy to attract motorists with offerings.
A slight improvement in commercial jet fuel and liquefied petroleum gas sales also beefed up revenues, according to Petron, the biggest local fuel retailer with the most significant market share of 24.9 percent.
However, Petron did not provide specific figures for its sales growth.
It noted that lower export sales offset revenues, experiencing a 5 percent slide in the combined sales volume from its Philippine and Malaysian operations.
Petron said that its consolidated revenues only reached P194.38 billion for the first quarter of this year, 14.6 percent lower than the previous year’s P227.64 billion, due to lower prices and limited trading volumes entered by Petron’s Singapore operations.
Petron added that the international oil market absorbed the initial impact of the imposition of US tariffs on major trade partners, persisting geopolitical tensions in the Middle East, and the announcement by the Organization of the Petroleum Exporting Countries and its allies of their plans to unwind voluntary production cuts.
The company said that after climbing to $80 per barrel in January, benchmark Dubai crude dropped to $72 per barrel in March, closing the first quarter with an average of $77 per barrel, which was 5 percent lower than that in the same period last year.
Petron president and chief executive officer Ramon Ang said the company continued to operate in a volatile and unpredictable market. “As we navigate these setbacks, we remain committed to enhancing our efficiency and performance to sustain our market leadership and further our role as a nation-builder.”
According to the company’s website, Petron is the largest oil company in the Philippines. It operates the countryʼs only remaining refinery in Bataan, which has a capacity of 180,000 barrels per day.
It added that it has a combined refining capacity of 268,000 barrels per day, producing a full range of fuels and petrochemicals with over 2,700 retail stations in the Philippines and Malaysia.
