- | Drop in profit forces Petron to postpone expansion plans |
- | Fuel smuggling and fluctuating global prices culprits |
| Expansion plans on hold |
Petron postpones its refinery plant expansion plans in light of a drop in profit. The oil refiner had previously allotted $1 billion for a three-year expansion plan.
The profit decrease is a result of fluctuating global crude oil prices, smuggling, and the presence of white gasoline station operators. Such operators currently control 37% of total industry volume and sell fuel for a lower price than leading oil refiners.
July 10, 2019 9:19 am