PILIPINAS Shell Petroleum Corp. reported on Monday a net income of P5.6 billion in 2019, up by 11 percent from the P5.1 billion reported a year ago amid higher excise taxes on fuel products.

In a disclosure, the oil company attributed higher earnings to ”strong marketing delivery and refinery cost savings” that it said “helped temper the suppressed regional refining margins and higher excise taxes that affected the oil industry.”

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