Petron reports modest Q1 net income gain, cites retail growth amid challenges

Petron Corporation reported a modest 2.5 percent increase in net income for the first quarter of 2025, reaching ₱4.03 billion.

The company attributed this growth to an expansion in retail and commercial sales segments, with Philippine retail sales growing by 14 percent.

Despite these gains, Petron's consolidated revenues dropped by 15 percent due to lower oil prices and reduced trading activity from its Singapore unit.

Regional refining margins contracted further by more than 40 percent during the quarter, impacted by geopolitical tensions in the Middle East and US tariffs on trade partners.

Petron president Ramon S. Ang emphasized a cautious approach for the year, focusing on enhancing efficiency to maintain performance amid market volatility.

The company's first-quarter Dubai crude oil price averaged $77 per barrel, five percent lower than the same period last year.

Geopolitical tensions and fluctuating demand from China continue to influence global oil prices, affecting Petron's operations in both the Philippines and Malaysia.