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Eastern Petroleum CEO Martinez claims oil smuggling figure exaggerated

Posted on September 7, 2014

By Juzel L. Danganan

MANILA, September 7 (PNA) — Eastern Petroleum Chief Executive Officer (CEO) and Chairman Fernando Martinez has debunked claims by some sectors that smuggling is rampant in the Philippines.

In an interview, Martinez who holds a doctor’s degree in economics started off with a statement questioning the reported figure: “How can it be rampant? I cannot understand, how can it be rampant, what is the percentage?”

Martinez explained at the Modern Shanghai Restaurant in Makati, that the 30 percent figure as reported is not accurate, since it’s equivalent to the market size of the Petron Corporation, which has the biggest market volume in the country.

He pointed out that the 30 percent figure is equal to Php 40 billion a month, hinting at the impossibility of the figure. “You know what is 30 percent, that is Php 400 billion a year? That’s 40 billion worth of fuel a month, it’s equivalent to Petron.”

Moreover, the chairman highlighted that the Customs personnel are not that stupid to just let one third of the oil imports to be smuggled.

”Are the people at Customs that stupid that 1/3 of all the products are smuggled? That is exaggerated.” he said.

Also, the CEO mentioned that the large oil firms were reportedly claiming there is rampant smuggling in the country, but they perhaps are the ones with cases related to oil smuggling.

On the other hand, the CEO also highlighted that Energy Secretary Jericho Petilla said contradicted rampant oil smuggling reports, but said it differently.

Last July, Sulu province was reported to have suffered from widespread sale of smuggled expensive oil, which was sold at Php 120 per bottle.

Eastern Petroleum is an oil company, established in 1996. Significantly, it was the first company to use coconut-based biodiesel, even before it was required by the Department of Energy (DOE). (PNA)

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