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Manila Bulletin devider Business devider The Stock Market devider Oil volatility, weak peso drag Shell Pilipinas to ₱2.7-billion loss

Oil volatility, weak peso drag Shell Pilipinas to ₱2.7-billion loss

Published Aug 17, 2026 02:37 pm
Shell Pilipinas Corp. swung to a net loss of ₱2.7 billion in the first half of the year as global oil market volatility, inventory holding losses, and a depreciating peso squeezed operating margins.
In a disclosure to the Philippine Stock Exchange on Monday, Aug. 17, the fuel distributor said that rapid increases in wholesale product costs outpaced domestic pump price adjustments, severely narrowing profit margins.
High inflation and elevated fuel prices also weakened local demand for premium motor fuels. Foreign exchange headwinds and persistent supply chain uncertainties further strained working capital, fuel costs, and consumer affordability.
Net sales for the January-to-June period grew to ₱146 billion, driven by higher retail pump prices following global crude disruptions triggered by ongoing conflict in the Middle East. However, underlying sales volumes showed mixed momentum across sectors.
Commercial fuel sales rose four percent year-on-year, propelled by robust demand from power generation customers and reseller networks. Conversely, retail mobility volumes fell four percent as consumers scaled back consumption in response to elevated retail prices.
“The first half tested the resilience of energy supply chains across the industry,” Lorelie Quiambao Osial, Shell Pilipinas president and chief executive officer, said. “Our priority was clear: keep fuel available, support our customers and trade partners, and help keep the Philippine economy moving.”
Osial pointed to early signs of stabilization in late May and June as evidence that operational performance is recovering.
“While these conditions materially affected earnings, improving trends in May and June reinforce our confidence in the resilience of our business as we navigate a still-volatile environment,” Osial said. “As we move into the second half, our focus is to restore profitability, strengthen cash generation, and further improve Shell Pilipinas’ competitiveness.”
The company expects targeted capital discipline, cost-efficiency measures, and ongoing supply optimization to rebuild margins and stabilize cash flow through the remainder of the year.

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