Petron Corp. was recognized by the Bureau of Customs (BOC) as the leading contributor to the government’s fuel marking program.
The company said that since the mechanism to curb fuel smuggling took effect, 17.83 billion liters of its fuel has been marked from September 2019 to October 2023.
The BOC, together with the Bureau of Internal Revenue (BIR) and SGS Philippines conducts the marking on finished products from the Petron Bataan refinery, the only crude refinery in the country.
The refining facility and petrochemicals complex can supply around 40 percent of the Philippines’ total domestic fuel requirement given its 180,000-barrel-per-day capacity.
Earlier this month, Petron announced a 16-percent improvement in its consolidated net income for the first nine months of the year at P9.5 billion compared to the previous year’s P8.2 billion for the similar period.
The company said that the financial performance was recorded amid a 16 percent increase in its consolidated sales volume of 93.6 million barrels for the first three quarters of 2023 compared to last year’s 80.4 million barrels for the similar timeframe.
However, the company’s consolidated revenues for the first nine months stood at P587.3 billion, 6.9 percent lower than the previous year’s P631.1 billion, citing the correction in prices from their extraordinarily elevated levels last year due to 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. -J. Macapagal
