Petron Malaysia records RM183.48mil net profit as demand for fuel recovers

KUALA LUMPUR: Petron Malaysia Refining & Marketing Bhd saw its net profit for the second quarter jump more than four-fold to RM183.48 million from RM42.01 million posted in the same quarter last year as demand for fuel recovered with the removal of restrictions on travel and business activities.

In a filing with Bursa Malaysia, it said the benchmark Dated Brent crude price continued to surge in the second quarter of 2022 averaging US$114 per barrel, a 65 per cent increase from the US$69/bbl average in the same period last year, mainly driven by supply risk concerns on geopolitical tensions in Europe as well as constrained production from OPEC+ committed output amid recovering global oil demand.