Petron cited for fuel marking program

MANILA, Philippines — Petron Corp. has been recognized by the government for being the leading contributor to its fuel marking program, a mechanism to curb fuel smuggling.

The Bureau of Customs (BOC) awarded Petron for consistently topping its list of participating oil companies since the fuel marking program took effect in 2019.

Petron recorded 17.83 billion liters of marked fuel from September 2019 to October 2023.

The BOC, together with the Bureau of Internal Revenue and SGS Philippines, conducts the marking on finished products from the Petron Bataan Refinery, which is currently the only remaining refinery in the country.

A world-class refining facility and petrochemicals complex, Petron’s refinery can supply around 40 percent of the the country’s total domestic fuel requirement given its 180,000-barrel-per-day capacity.

Petron has seen consistent growth in all areas of its business so far this year, with net income rising by 16 percent to P9.5 billion in the nine months through September.

“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,” Petron president and CEO Ramon Ang said.

Petron has started earlier this year the development of its coco-methyl ester (CME) plant in its Bataan Refinery Complex.

The CME plant will allow the company to produce its own CME once completed.

As the country’s largest oil company, Petron is also keen on intensifying its environmental, social and governance programs aimed at reducing carbon emission, waste management, and energy conservation.

The company has likewise made available recently its latest LPG innovation, the Fiesta Gas 170-gram refillable cylinder, in Mindanao as part of its continuing efforts to combat the use of illegally-refilled butane canisters.