Petron Profit Plummets Amid Middle East Conflict Drives Crude Prices

Petron Corp.'s first-half profit fell by 27% to P3.8 billion due to higher crude oil prices driven by the Middle East conflict, which increased production and import costs despite a significant increase in revenues.

The company's revenue rose 57% to P605.9 billion, mainly driven by higher fuel prices and improved sales volume. However, this gain was offset by higher operating expenses and increased production costs.

Petron said Dubai crude averaged $91 per barrel during the first half, a 27% increase from the previous year, due to geopolitical tensions in the region. The company's Chairman and CEO, Ramon S. Ang, stated that while the first half was challenging, Petron is confident in its ability to navigate these temporary headwinds.