USD 64.1213

+0.29

EUR 70.604

-0.07

BRENT 64.06

+0.03

AI-92 42.4

+0.01

AI-95 46.11

0

AI-98 51.89

-0.01

Diesel 46.15

0

9

DOE mulls creation of task force to probe oil smuggling

The Department of Energy (DOE) is mulling over the creation ...

The Department of Energy (DOE) is mulling over the creation of a task force that would conduct probe into reports that the country has become one of the dumping grounds of smuggled oil products in the Asian region.
Energy secretary Jose Isidro N. Camacho said they would seriously look into this, and that, he had already instructed concerned divisions at the DOE, to draw up strategies on how they could set a crackdown on the reported illegal oil trading activities.

The energy chief said he is considering earlier proposals for the creation of a special task force that would look into this.

Businessman Raul T. Concepcion urged the energy department to form a special task force against oil smuggling, that would compose of government and private representatives, to include those from th e Departments of Energy and Justice, Philippine Institute of Petroleum Inc. (PIP) and Philippine New Players Association, Inc. (PNPA), among others.

Camacho said he would order an immediate investigation, and if they could confirm the involvement of some local oil industry players, those found guilty would be punished.

The DOE has been prodded to immediately look into the reported oil smuggling activities, so it could determine the extent of such illegal practice.

The PIP earlier urged the DOE to investigate and identify the local oil companies who might have been benefitting from these smuggled oil products.

mb.com.ph