KUALA LUMPUR (Dec 6): Petron Malaysia Refining & Marketing Bhd’s share price rose by as much as 82 sen or 7.11% to RM12.36 this afternoon.

At 4:26pm, the counter was trading at RM12.34, up 80 sen or 6.93%, with a trading volume of 1.9 million shares. It was the top gainer in Bursa Malaysia.

This is the stock’s second consecutive day of increase this week.

While the reason for the surge in share price is unclear,it is worth noting that the crude oil prices have been gaining traction this week.

Brent crude closed 0.65% higher at US$62.86 per barrel yesterday, and was hovering around US$62.80 this afternoon.

Last month, Petron reported that its net profit for the third quarter ended Sept 30, 2017 more than doubled to RM106.07 million or 39.3 sen per share, from RM46.79 million or 17.3 sen per share a year ago, mainly on higher revenue, which improved 40.4% year-on-year to RM2.56 billion from RM1.82 billion, thanks to higher oil prices.

Total sales volume hit nine million barrels, up 15% from the 7.8 million barrels a year earlier.