LISTED oil refiner Petron Corp. reported an 84% increase in net income to P15.6 billion in 2025, driven by sustained domestic volume growth, improved refinery productivity, and lower costs.

Revenues declined by 7% to P810 billion from P868 billion in 2024 due to weaker international prices, the company said in a statement on Tuesday. Petron has yet to release its full financial report for the period.

Petron’s operations in the Philippines and Malaysia posted a 3% year-on-year increase in total volumes to 113.4 million barrels.

The company said it maintained its leadership in the domestic market “amid tough competition.”

Volumes in Malaysia, meanwhile, remained steady “despite the demand correction following the change in the government-regulated pricing mechanism for fuels.”

Petron, which operates the country’s only remaining refinery, said it optimized plant utilization and benefited from favorable refining economics last year.

This came amid a weaker average price of Dubai crude, the regional benchmark, partly due to geopolitical developments and policy changes.

“Despite external challenges, we achieved growth across the business and emerged stronger in an unpredictable market,” Petron President and Chief Executive Officer Ramon S. Ang said.

He said the company would continue strengthening its supply chain and strategically expanding its footprint as it reinforces its position in the industry.

Petron retained its position as the Philippines’ top oil market player, with a 27.8% share as of the first half of 2025, according to the Department of Energy.

The company operates 50 terminals across the region and about 2,700 service stations and maintains a refining capacity of nearly 270,000 barrels per day.

At the local bourse on Tuesday, Petron shares rose 7.14% to close at P3.30 apiece. — Sheldeen Joy Talavera

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