<PAGE>

          CROWN
          (registered trademark)

          Crown Central Petroleum Corporation
          Refiners / marketers of petroleum products & petrochemicals
          One North Charles Street, P.O. Box 1168, Baltimore, Maryland
          21203, (410) 539-7400

          EXHIBIT 20
          October 31, 1996
          RESULTS THIRD QUARTER 1996


          Dear Shareholders:

               For the third quarter of 1996, Crown Central
          Petroleum had a net loss of  $3.6 million ($.37
          per share) compared to a net income of $.3 million
          ($.03 per share) for the same period in 1995. 
          Sales and operating revenues in the quarter
          amounted to $398 million compared to $367 million
          last year.  For the nine months, Crown is
          reporting a net loss of $13.6 million ($1.40 per
          share) on revenues of  $1.2 billion.  This
          compares to net income of $.4 million ($.04 per
          share) before an extraordinary charge for the
          early retirement of debt of $3.3 million ($.33 per
          share) on revenues of $1.1 billion for the same
          period in 1995.
               The reported loss for the third quarter was
          primarily the result of higher costs for crude and
          feed stocks in the world market due to a number of
          factors, including unrest in the Middle East. 
          During the quarter, commodity crude traded in the
          range of  $20 to $24 per barrel.  Henry A.
          Rosenberg, Jr., Chairman of the Board, Chief
          Executive Officer and President observed,
          ``
           Gasoline and distillate prices lagged the
          dramatic crude oil prices increase resulting in
          pressure on the company's gross refining margin.''
               During this period of rapidly rising crude
          oil prices, the company's reported operating
          results were negatively impacted by its use of the
          LIFO (last-in, first-out) method of valuing
          inventory.  For the third quarter of 1996, LIFO
          negatively impacted net income by $4.3 million,
          compared with a $1.6 million favorable impact for
<PAGE>


          the same period last year when prices decreased
          during the quarter.  Accordingly, the company's
          cash flow from operations, EBITDAAL (earnings
          before interest, taxes, depreciation,
          amortization, abandonment and LIFO) was markedly
          stronger in the current quarter at $13.9 million
          compared to $10.2 million in 1995.
               The refining margins on the Gulf Coast
          continued during this period at historically low
          levels.  In order to minimize exposure to price
          volatility, refiners have kept crude inventories
          at historic low levels.  This has necessitated
          more spot purchases of crude supplies which adds
          further
           pressure on pricing.  Current supplies of U.S.
          oil stocks are about 79 days versus a historic
          average of 93 days 10 years ago.
               Even with the difficult operating
          environment, CrownCen, Crown's marketing unit,
          continued to produce positive results. 
          Merchandise sales at comparable stores were 4.3%
          higher and gasoline volumes were 2.2% over the
          same period last year.  Gasoline and merchandise
          margins rose 2.8% and 15.4% respectively over last
          year's extraordinary gains.  Retail net profit, at
          $5.7 million in both periods, remained steady even
          though operating expenses increased due to higher
          labor costs associated with the new minimum wage
          law and the need to maintain a competitive
          compensation scale.
               Despite this challenging environment,
          innovative and creative refining/marketing
          strategies can be developed. For example, Crown's
          recent arrangements for processing with Statoil
          and an ethylene sales agreement with Shell
          Chemical provide enhanced opportunities for
          reducing the effects of prolonged refining down
          cycles to which Crown continues to have exposure.
           Crown will actively consider other opportunities
          to increase its profitability and market share.
          These are challenging times in our industry and
          Crown personnel have learned it is not business as
          usual
               At the Pasadena refinery, the lock-out
          continues. On several occasions, Crown has
          offered, through the federal mediation service, to
          reopen negotiations to discuss the company's July
          12 proposal.  Unfortunately, the OCAW (Oil,
          Chemical and Atomic Workers Union) has failed to
          respond.  Meanwhile, the maintenance program is on
          schedule and refining production at Pasadena is
          being maintained at the optimum operating level.
               Crown is pleased by the NLRB (National Labor
          Relations Board) dismissal of all unfair labor
          practice charges filed by OCAW, most notably the
          decision that the lock-out was not illegal. While
          OCAW has appealed several of the decisions, we are
<PAGE>


          confident the NLRB's original findings will be
          affirmed.
               Performance of all our personnel, under
          difficult circumstances, has been excellent and in
          the finest traditions of the company.  We owe a
          debt of gratitude and recognition to all those
          involved.

          Sincerely,

          HENRY A. ROSENBERG, JR.
          Chairman of the Board, Chief Executive Officer,
          and President

            ____
            NOTE

            Due to a revision in recording intracompany
            sales transactions during the third quarter of
            1996, Sales and operating revenues for the
            three and nine months ended September 30, 1996
            as originally reported in the Letter to the
            Shareholders dated October 31, 1996, have been
            revised to exclude the effects of these
            transactions.  This revision had no effect on
            net loss or net loss per share as originally
            reported for the three and nine months ended
            September 30, 1996.

          <PAGE>
          <TABLE>
          <CAPTION>


                   Crown Central Petroleum Corporation and Subsidiaries
                        Dollars in thousands, except per share data

                                        Nine Months Ended     Three Months Ended
                                          September 30           September 30
                                         1996       1995       1996       1995
                                       ---------  --------   ---------  --------
          <S>                         <C>         <C>        <C>        <C>
          Sales and operating         $          $            397,889
                                                            $            367,120
                                                                        $
          revenues                    1,200,188   1,092,078


          (Loss) income before        (20,970)       1,929     (4,343)      (290)
          income taxes

          (Loss) income before        (13,634)         416           )
                                                               (3,636        304
          extraordinary item

          (Loss) from extraordinary
                __
                1/
          item  
                                          ----            )
                                                    (3,257       ----       ----

          Net (loss) income   __
                              2/       (13,634)     (2,841)    (3,636)       304
<PAGE>



          (Loss) income per share        (1.40)        .04           )
                                                                 (.37        .03
          before extraordinary item

          (Loss) per share from           ----            )
                                                      (.33       ----       ----
          extraordinary item

          Net (loss) income per               )
                                         (1.40            )
                                                      (.29           )
                                                                 (.37        .03
          share

          Weighted average shares
          used in the computation of  9,718,152   9,697,598  9,718,152  9,697,598
          (loss) income per share


                          <FN>
                 During the first quarter of 1995, the Company incurred an
               
            __
            1/
            

                 extraordinary loss as a result of the early retirement of its
            
                 outstanding 10.42% Senior Notes (Notes).  The outstanding
            
                 Notes were retired on January 24, 1995 from the proceeds
            
                 received from the sale of $125 million of unsecured 10 7/8%
            
                 Senior Notes due February 1, 2005.

                As a result of decreased crude oil requirement at the
            __
            2/

            Pasadena
                 refinery, the Company achieved a reduction in LIFO
            inventories
                 during the third quarter of 996 which is expected to be
            replaced
                 by year-end.  The impact of this interim LIFO inventory
            reduction
                 was to reduce the net loss for the three and nine months
            ended
                 September 30, 1996 by approximately $2.1 million ($.22
            per share).

            ____
            NOTE

            Due to a revision in recording intracompany
            sales transactions during the third quarter of
            1996, Sales and operating revenues for the
            three and nine months ended September 30, 1996
            as originally reported in the Letter to the
            Shareholders dated October 31, 1996, have been
            revised to exclude the effects of these
            transactions.  This revision had no effect on
            net loss or net loss per share as originally
            reported for the three and nine months ended
            September 30, 1996.

          </TABLE>
          <PAGE>
          <TABLE>
          <CAPTION>
<PAGE>


                           CROWN CENTRAL PETROLEUM CORPORATION
                                  OPERATING STATISTICS

                                     Nine Months Ended     Three Months Ended
                                       September 30           September 30
                                     1996        1995        1996       1995
                                   ---------  ----------  ---------   ---------
          <S>                     <C>         <C>         <C>        <C>
          COMBINED REFINERY
          OPERATIONS
          -----------------------

          Production (BPD - M)          151         156        152         159
          Production (MMbbl)           41.4        42.5       14.0        14.6
          Sales (MMbbl)                43.9        40.2       13.8        15.0
          Gross Margin ($/bbl)         2.20        2.72       2.46        1.98
          Gross Profit ($MM)           96.6       109.3       33.9        29.7
          Operating Cost ($/bbl)       2.19        2.47       2.32        2.16
          Operating Cost ($MM)         96.3        99.2       32.1        32.4
          Net Refining Profit           0.3        10.1        1.8        (2.7)
          (Loss)  ($MM)

          RETAIL
          -----------------------
          Number Stores                 344         348        344         348
          Volume (pmps - Mgal)          129         122        133         128
          Volume (MMgal)                398         381        138         133
          Gasoline Gross Margin        0.13        0.12       0.14        0.14
          ($/gal)
          Gasoline Gross Profit        51.1        45.5       19.2        18.6
          ($MM)

          Merchandise Sales (pmps      24.9        23.9       26.1        24.5
          - $M)
          Merchandise Sales ($MM)      77.2        74.7       26.9        25.6
          Merchandise Gross            28.9        26.3       29.2        27.2
          Margin (%)
          Merchandise Gross            22.3        19.7        7.9         7.0
          Profit ($MM)

          Retail Gross Profit          73.4        65.2       27.1        25.6
          ($MM)
          Retail Operating Costs      (19.4)           )
                                                  (16.7      (20.0)      (17.5)
          (pmps - $M)
          Retail Operating Costs      (59.9)           )
                                                  (52.3      (20.6)           )
                                                                         (18.3
          ($MM)
          Retail Non-Operating
          Income (Expense) ($MM)        0.0        (3.0)      (0.8)       (1.6)
          Retail Net Profit ($MM)      13.5         9.9        5.7         5.7

          WHOLESALE / TERMINAL
            NET PROFIT (LOSS)           1.0         0.8        1.3        (0.1)
          ($MM)

          OTHER
          ----------
<PAGE>


          LIFO (Provision)            (15.7)        0.3           )
                                                              (6.8         2.5
          Recovery  ($MM)
          Corporate Overhead /        (20.0)           )
                                                  (19.1       (6.3)           )
                                                                          (5.7
          Other ($MM)
          Income Tax Benefit            7.3            )
                                                   (1.5        0.7         0.6
          (Expense) ($MM)
          (Loss) from                                  )
                                                   (3.3
          Extraordinary Item
          ($MM)

          Total Net (Loss) Income     (13.6)           )
                                                   (2.8           )
                                                              (3.6         0.3
          ($MM)

          Depreciation &               24.0        28.6        8.0         9.7
          Amortization ($MM)
          Net Interest Expense          9.5         8.5        3.3         3.1
          ($MM)
          LIFO Provision               15.7            )
                                                   (0.3        6.8            )
                                                                          (2.5
          (Recovery)  ($MM)
          Loss from Asset               0.1         0.0        0.1         0.2
          Disposals ($MM)
          Loss from Extraordinary                   3.3
          Item ($MM)

          EBITDAAL ($MM)               28.3        38.8       13.9        10.2

          Capital Expenditures         19.8        27.1        5.0        12.4
          ($MM)


          <FN>
          BPD = Barrels Per Day
          bbl = barrel or barrels as applicable
          gal = gallon or gallons as applicable
          pmps = per month per store
          M = in thousands
          MM = in millions

          </TABLE>