In a presentation by Petron president and chief executive officer Khalid D. Al-Faddagh, he indicated that domestic demand may shrink further by up to 5.0 percent from last year’s 8.0 percent decline.

Given such projection, he noted that daily consumption may translate to just 286,000 barrels as compared to average 302,000 barrels per day in 2005.

Al-Faddagh explained that the biggest factor triggering depressed demand is the continuous uphill climb in global oil prices; with the benchmark Dubai crude for refiners hitting an average of per barrel during the first six months of the year, posting a significant jump from .3 per barrel on the average in 2005.

To offset whatever additional revenue loss is anticipated from the domestic market, the giant oil player bared that it will continue to strategically work on expanding its export niche.

The oil firm’s income from exports from January to June this year logged a dramatic increase of 48 percent, translating to P1.14 billion income from P0.77 billion in the same period last year.