Petron Corporation grew its consolidated net income by 37% to PHP 9.7 billion in the first nine months of 2025, driven by stronger Philippine retail demand and improved refinery performance despite weaker global crude prices.

In a disclosure filed today with the Philippine Stock Exchange, the country’s only integrated oil refiner said total consolidated sales volume rose 3% to 84.7 million barrels from 82.6 million barrels last year, with local retail sales climbing 11%. Revenue, however, slipped 10% to PHP 594.9 billion as Dubai crude averaged around USD71 per barrel during the period, down from about USD80 in January to USD64 in May.

Operating income still climbed 20% to PHP 26.6 billion from PHP 22.2 billion, supported by stable refining margins and higher plant efficiency at its Bataan and Port Dickson refineries.

“As a refiner, we’ve had to balance financial resilience with delivering value across every aspect of our business. This year, the market has presented even greater challenges, yet we’re proud of how we’ve stood against external pressures and even competition,” said Petron President and CEO Ramon S. Ang. “Our performance over the past three quarters has been a testament to this, and we remain optimistic about maintaining this momentum through the rest of the year,” Petron said the results reflect its ability to sustain growth amid volatile global oil markets and tighter competition, emphasizing the role of its refining operations in securing local fuel supply and improving margins.

The company noted that while global oil prices softened and refining cracks narrowed by 11%, domestic consumption continued to expand, particularly in transport fuels and retail channels.

Petron added that forward-looking statements remain subject to risks, including changes in oil prices, global demand, and geopolitical developments.

What do you think this stronger performance says about the state of Philippine refining and fuel demand? Share your insights below.

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