Petron Corp. incurred a consolidated net loss of P14.2 billion in the first half of 2020, reversing the P2.6 billion net income it posted in the same period a year ago. Local sales volume declined by 28 percent because of reduced consumption, particularly in aviation and retail, with the implementation of stricter quarantine measures in the country to contain the coronavirus’ spread. “The worldwide lockdowns resulted in an unprecedented demand destruction, which led to a sustained drop in oil prices, reaching record low levels in 26 years,” Petron said. Dubai crude plunged by almost 70 percent or $44 per barrel from Januarya to April, when oil prices fell to as low as $13 barrel in daily trading. During the period, Petron suffered inventory losses of nearly P15 billion.

Source: Manila Times August 04, 2020 17:54 UTC