Dennis Uy's Phoenix Petroleum now among Big Three in Philippine oil industry

Dennis Uy-led Phoenix Petroleum Philippines Inc. has risen to become the third-largest player in the Philippine oil industry in terms fuel market share, data released by the Department of Energy (DOE) has shown.

Data from the DOE showed that Phoenix climbed a notch to the third spot with 6.86% market share in the first half of the year, following Petron Corp. with 24.88% and Pilipinas Shell Petroleum Corp. with 18.25%.

Phoenix overtook Chevron Philippines Inc. which slipped to fifth place with 6.13%, while Unioil Petroleum Philippines rose to the fourth spot with 6.48%.

"Despite the continuing challenges of COVID-19, we are grateful for the continued patronage of our loyal as well as new customers who appreciate the value that we provide through our high-performance and high-quality yet competitively priced products and services," Phoenix president Henry Albert Fadullon said in a separate statement.

"It encourages and inspires us even more to carry out our vision to be an indispensable partner of Filipinos in their daily journey," he added.

Phoenix reported a P5-million net loss in the second quarter of the year, with sharp year-on-year decline in oil prices and limited inventory replenishment due to credit tightening.

Its liquefied petroleum gas (LPG) business, however, outperformed other segments, as an essential product for households amid the community quarantines set in place to curb the spread of the coronavirus disease 2019.

Based on DOE data, Phoenix captured 6.57% of the total LPG market share in the first six months of 2020, up from 5.61% for the whole year 2019.

Phoenix is presently engaged in the marketing and distribution of petroleum products on a wholesale and retail basis, as well as the operation of gas stations, oil depots, storage facilities, and allied services.

Its subsidiaries include PFL Petroleum Management Inc., Phoenix Global Mercantile Inc., Subic Petroleum Trading and Transport Phils. Inc., PNX Petroleum Singapore Pte. Ltd., Phoenix LPG Philippines, Duta Inc., Philippine FamilyMart CVS Inc., PNX Energy International Holdings Pte. Ltd., and Phoenix Pilipinas Gas and Power Inc.

The company ended 2019 with 655 completed operating retail stations nationwide, and 11 service stations under construction. It also operates a network of 72 convenience stores. -NB, GMA News