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.
Already a subscriber? Log in.
Subscribe or renew your subscriptions to win prizes worth up to RM68,000!
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
