AMID the Covid-19 pandemic, Petron Corp. saw its consolidated revenues decline by 16 percent to P104.6 billion for the first three months of 2020 from the previous year’s P124.6 billion.
Combined sales volume for the Philippines and Malaysia was also lower at 24.7 million barrels from the 26.3 million barrels recorded in the previous year.
This is due to the sudden and significant drop in fuel demand as both countries imposed strict lockdowns towards the end of the quarter, limiting movement and economic activity, to contain the spread of the virus.
Since the enhanced community quarantine was implemented in the country, some Petron stations have temporarily closed or shortened their operating hours due to the lesser number of vehicles on the road.
Petron suffered a net loss of P4.9 billion in the first quarter compared to the P1.3 billion net income for the same period last year.
The company incurred significant inventory losses as prices collapsed due to demand contraction in both the local and international markets.
The benchmark Dubai crude plummeted by about 66 percent to US$23/barrel by end of March from US$67/barrel by end of December last year. (PR)