Uy-led Phoenix Petroleum Philippines Inc. has retained its ranking as the third biggest player in the deregulated downstream oil sector, as culled from the market data of the Department of Energy.
Phoenix Petroleum first inched up to the third spot last year, and it dislodged long-time major player Chevron Philippines in that position. With that development, the industry’s traditional “Big 3” had also disintegrated.
Citing DOE data, Phoenix Petroleum emphasized in a media statement that its market share hovered at 7.81-percent as of May 25 this year; rising from 7.1-percent share in the pie as logged in 2020.
Phoenix President Henry Albet Fadullon asserted that “despite the challenges and setbacks, we’ve remained determined and optimistic throughout this pandemic.”
He qualified that as the Covid-19 restrictions have been easing, this has been giving the company a “more optimistic” view, although it emphasized that it still gives premium to safety when it comes to operations and overall dealing with customers.
“Our second quarter has yielded stellar results, encouraging us to look forward to an even more business-friendly environment,” the Phoenix chief executive stressed.
Fadullon reiterated “April business results exceeded pre-Covid levels for the first time since the start of the pandemic,” and he said that outcome has been giving the company impetus to “provide best offer to customers, operational excellence and accelerate growth.”
He further conveyed that “even with the difficulties that the pandemic has caused, we are able to continue cultivating our business while serving even more communities.”
The oil firm has been stepping up on its promotional and market offers in the past months; by maximizing its utilization of digital platforms, so it can entice customers to patronize its brand.
The Uy-led company has likewise been broadening its product offers, including in the liquefied petroleum gas (LPG) segment of its business – not just in the Philippines, but also in its other core market of Vietnam.
Last year’s pandemic-induced bust cycle in the deregulated oil industry served as a ‘survival of the fittest’ pace for the sector, as most of the players suffered huge financial losses, but similar to Phoenix’s prognosis, their rebound chapter is already manifesting this 2021.