Petron Corp. expressed strong support to the implementation of the fuel marking system to curb oil smuggling.
Petron president Ramon Ang said imported fuel should be taxed from the source. “Fuel marking should happen so that there is level playing field. Once fuel arrives in Subic or each port, it should be taxed immediately, not after it is sold,” Ang said.
Petron owns the country’s biggest oil refinery with a capacity of 180,000 barrels per day in Bataan.
Petron and other oil companies complained that uncurbed oil smuggling had affected their operations.
The Philippine Institute of Petroleum expressed full support to the fuel marking program of the Department of Finance as a mechanism to fight smuggling and deter revenue leakages.
Petron is a member of the PIP which also includes Chevron Philippines Inc., Isla LPG Corp., Pilipinas Shell Petroleum Corp., PTT Philippines Corp. and Total Philippines Corp.