Petron tops anew in Customs taxpayers' list (Sabong News)

Leading oil industry player Petron Corporation has landed again in the roll of the Bureau of Customs (BoC) as among its top taxpayers as well as importer of fuel commodities last year. In a statement to the media, Petron noted that it has been “consistently ranked as the highest contributor to the government’s fuel marking program which seeks to address tax leakages from fuel smuggling.” The oil firm cited that out of the 35.92 billion liters of fuel marked since September 2019, a sizeable 24 percent or equivalent 8.69 billion liters had been credited to Petron. With the recently instituted fuel marking policy, oil commodities being brought into the country are already marked and levied with taxes even before they are unloaded from the shipping vessels; hence, smuggling or tax payment leakages could be avoided. “Over the years, other Petron facilities nationwide have also been cited for their contributions in helping the country realize its tax targets,” the oil firm stressed. Beyond having the largest network of retail stations, Petron is also the lone standing player in the refining segment of the deregulated downstream oil industry. In the recognition bequeathed on Petron as top taxpayer, the awarding rites last February 23 was led by Finance Secretary Carlos G. Dominguez III; and he was joined by Finance Undersecretary Antonette Tionko, Petron Commercial Services Supervisor Jake Magana, Petron Synergy Group Manager Leonisa Talosig; and BOC Commissioner Rey Leonardo Guerrero. For the firm’s Limay refining facility in Bataan, Petron indicated that authorities from the BoC, Philippine Ports Authority (PPA) and the Authority of the Freeport Area of Bataan (AFAB) “regularly witness every import, domestic, and export activity,” and that has been regarded as a manifestation of transparency that the company has been adhering to on its conduct of business. At the height of the Covid-19 pandemic in 2020, the petroleum sector had been severely slammed financially – not just due to sudden drop in sales volume because of restricted mobility of the people; but also on account of crashing prices in the world market. Two years after, the narrative for the oil industry had totally shifted because the concern of consumers now is focused on incessant spikes in prices – and that is happening while the economies of the world recover from the blow of the global health crisis. From severely strained bottom lines, the oil companies are likewise gearing up for full financial recovery as demand for oil commodities expand and prices continually track escalations.