Petron Q1 2026 income down by 56%; earns P1.8B

MANILA: Petron’s income declined by 56 percent in the initial quarter of 2026, with the company earning only P1.8 billion.

In a statement, the oil firm attributed the massive drop—from the P4 billion income recorded in the same period last year—to reduced production at its refineries in the Philippines and Malaysia further aggravated by the tensions in the Middle East.

According to Petron, its Port Dickson Refinery in Malaysia has remained shut down after its product jetty was damaged during Tropical Storm Senyar and is undergoing repair. On the other hand, the Petron Bataan Refinery in Limay has completed scheduled maintenance activities during the quarter.

Other factors that led to the drop in income is the disrupted product flow from the Middle East, which supplies majority of the region’s oil. This led to the nearly doubling of the Dubai crude to $129 per barrel in March 2026 from $68 per barrel the month prior.

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For the January-March timeline, Dubai crude averaged $86 per barrel—reflecting a 12-percent increase when compared to the same period in 2025.

Although revenues went up by 27 percent (P246 billion), operating income decreased by 36 percent (P6.1 billion).

Further, Petron noted that its total sales volume in the Philippines and Malaysia also decreased by seven percent—from 27.6 million barrels in the first quarter last year to 25.7 this year. The company explained that the fuel exports were deliberately reduced to “sustain the growth in Petron’s Philippine retail and commercial segments.”

Meanwhile, the firm shared that it has adopted cost-saving and efficiency measures while trying to sustain its operations to meet product demand.

“The geopolitical developments in the Middle East have presented severe supply disruptions in our industry. As we work to manage its impact on our business, our main priority has been to secure adequate fuel supply and make sure we can continue to meet the demand,” Petron President and Chief Executive Officer Ramon Ang was quoted as saying.

To mitigate the results of the challenges in supply, Petron stated that crude and finished products are being procured from other suppliers outside the conflict area. This program allows Petron to still refine oil in its Limay facility amid the circumstances.

“We know these are uncertain times, and we are committed to doing everything we can to sustain our operation and keep the economy moving. As the Philippines’ sole remaining oil refiner, we recognize our responsibility to help address the nation’s fuel challenges. Together, we will navigate this crisis and alleviate the concerns of our fellow countrymen,” Ang said.

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