Petron reports 44% decline in net income amid rising costs, tensions

Ramon Ang-led fuel retailer Petron Corp. reported a 44% decline in its net income in January to September, dragged by rising costs and external headwinds amid the ongoing geopolitical conflict in the Middle East.

Net income for the nine-month period came in at P5.4 billion, as margins remained under pressure from rising crude costs, import premiums, and freight due to the escalating tensions in the Middle East.

This was compounded by the reduction in refining margins in Malaysia as the Port Dickson’s product jetty remained unavailable, bringing operating income down 28% to P19.1 billion.

Revenues increased 56% to P928.2 billion, on the back of higher oil prices and increased sales volume.

“Our diversified portfolio, financial discipline, and robust risk management equip us with the resilience needed to navigate these challenging times, while still keeping our business viable and competitive,” Petron Corp. chairman and chief executive officer Ramon Ang said in a statement.

“Despite external pressures, our commitment to help ensure fuel security, meet the needs of our customers, and fulfill our responsibility as the nation’s energy backbone remains strong and unwavering,” he added.

Shares in Petron Corp. were last traded at P2.23 apiece, up 2 centavos or 0.90% from the P2.21-per-share finish on October 30, 2026. There was no trading on Monday, November 2, which was declared a special non-working day. —NB, GMA News