Phoenix Petroleum Philippines, Inc. has increased its share in the domestic oil market, the listed company said in a statement on Friday, citing data from the Energy department.
It said as of May 25, it had a share of 7.81% of the local oil market, an improvement from its 7.1% share as of end-2020.
Phoenix added that its improved market share solidifies the company’s position as the third-largest oil player in the country.
“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 Albert R. Fadullon said in the statement.
“As quarantine restrictions become more relaxed, and the country’s vaccination operations continue, safety remains as our top priority, but we are now more optimistic. In fact, our second quarter has yielded stellar results, encouraging us to look forward to an even more business-friendly environment,” he added.
In May, Mr. Fadullon said Phoenix’s business results for April surpassed pre-COVID levels for the first time since the pandemic began.
“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,” Mr. Fadullon said.
The company said it had maintained its standing as the third-largest oil firm in the Philippines since last year.
Shares of Phoenix Petroleum at the Philippine Stock Exchange rose 1.1% or 14 centavos to finish at P12.86 apiece on Friday. — Revin Mikhael D. Ochave