Phoenix Petroleum says domestic market share grew despite pandemic

ABS-CBN News

Posted at Jul 19 2021 10:17 AM

Phoenix Petroleum says domestic market share grew despite pandemic 1
Phoenix Petroleum says it has retained its place as the third-biggest oil player in the country. Handout

MANILA – Phoenix Petroleum on Monday said it has kept its position as the third-biggest oil player in the country after its domestic market share grew in May despite the COVID-19 pandemic.

Its domestic market share rose to 7.81 percent as of May 25, compared to the 7.1 percent at the end of 2020, Phoenix Petroleum said in a disclosure to the stock exchange, citing data from the Department of Energy.

“Despite challenges and setbacks, we’ve remained determined and optimistic throughout this pandemic and I’m glad that our efforts are bearing fruit,” Phoenix president Henry Bong Fadullon said.

“We are proud and grateful that even with the difficulties that the pandemic has caused we are able to continue cultivating our business while serving even more communities,” he added.

Phoenix Petroleum said its second-quarter yielded “stellar results” with its April business results exceeding pre-COVID levels for the first time since the onset of the pandemic. 

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