The Bureau of Customs (BOC) has recognized Petron Corp. as lead contributor to the government’s fuel marking program.
Customs chief Bienvenido Rubio noted the anti-smuggling mechanism has marked 17.83 billion liters of Petron fuel have been marked beginning September 2019 when the program began up to October this year.
The BOC, the Bureau of Internal Revenue (BIR) and SGS Philippines regularly conduct the marking of finished products at the Petron refinery in Bataan which is the only remaining crude refinery in the country.
The refining and petrochemicals complex supplies around 40 percent of the country’s domestic fuel requirement given its 180,000-barrel-per-day capacity.
Early this month, Petron announced a 16 percent improvement in consolidated net income over nine months this year of P9.5 billion versus only P8.2 billion last year.
This developed in the wake of a 16 percent increase in consolidated sales volume of 93.6 million barrels over nine months this year compared to last year’s 80.4 million barrels.
However, consolidated revenue for the period stood 6.9 percent lower to P587.3 billion from previous year’s P631.1 billion due to the correction in prices from extraordinarily elevated levels last year resulting from the Russia-Ukraine conflict.
“We are seeing consistent growth in all areas of our business. Our wide reach, superior product quality, and reliable service have allowed us to sustain our good performance throughout the year, and maintain or even strengthen our market share in high-demand sectors,” said Ramon Ang, Petron president and chief executive officer, in a recent statement.
