Jetti Petroleum denies oil smuggling allegations

Independent oil player Jetti Petroleum Inc. on Wednesday denied allegations that it was involved in oil smuggling. In a statement, the fuel retailer said it upholds the "highest standards of business practice and ethics that is above board and complies with all Philippines laws." "We wish to clarify that there has been no real case filed in the courts against our company and that we are also one with the government in resolving this issue once and for all," the oil firm said. Jetti said that in 2011, it paid the second-highest amount of duties and taxes worth P1.16 billion at the Port of Cagayan de Oro City. It added that it was also named the top revenue contributor for 2012 by the the port's BOC Collection District 10 for paying P1.51 billion in customs duties and taxes. "...Jetti is committed to help the [BOC] in its mission to eradicate smuggling in the oil industry," the company said. Jetti and other independent oil players have been sued by the Bureau of Customs for alleged oil smuggling and other illegal acts involving the importation of petroleum products. In September 2011, the BoC filed a P4.1-billion technical smuggling case against Jetti, — BM, GMA News