Petron doubles earnings in Q1

MANILA, Philippines — Petron Corp., the country’s remaining refiner, doubled its first quarter net income from P1.73 billion last year to P3.6 billion this year, fueled by a recovery in demand and a spike in international prices. Consolidated revenues more than doubled from P83.31 billion to P172.33 billion. During the quarter, the Dubai crude reached an average of $95.6 per barrel due to geopolitical tension and supply concerns triggered by the Russia-Ukraine conflict. Petron said its aggregate sales volumes from the Philippines, Malaysia, and its trading unit in Singapore grew by 34 percent …

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