MANILA — Petron Corp said on Monday it posted a consolidated net income of P6.7 billion in 2022, higher by 9 percent compared to 2021 despite the volatile environment.

Sales volume from local and international operations rose for the second straight year to 112.81 million barrels, up 37 percent from 82.24 million the previous year, Petron told the stock exchange.

In the Philippines, it said it sold 68.53 million barrels last year.

Service station volumes in the Philippines and Malaysia posted a 26 percent growth as gasoline and diesel products remained in demand, Petron said.

Dubai crude averaged $96 per barrel in 2022, nearly 40 percent higher than the price in 2021, it said.

“We continue to note an increased and growing demand for our products even as we contend with pricing challenges, heavy competition and the lingering effects of the pandemic,” Petron President and CEO Ramon Ang said.

Petron said it would build and operate its own coco-methyl ester (CME) plant to eliminate dependence on third-party suppliers and provide higher margins for diesel.

• Petron defies pandemic slump with P3.87 billion net income in first half
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