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Commodities Briefing - Categorized | Oil, Price Watch more

Shell: Price discrepancies indicate oil smuggling on the rise

Posted on 10 February 2014

Oil smuggling reared its ugly head last year as Shell Companies in the Philippines noted discrepancies in its computations and the actual retail prices. “There was a movement last year. Toward the end of the second quarter and then third quarter of 2013, smuggling came back.
We suspect that people were anticipating the revamp [at the Bureau of Customs],” said Shell country manager Edgar O. Chua. “Our sales fell and the retail prices fell. But if you compute it, and you compute the supposed landed cost, you’ll see that some players are selling at much lower prices. That’s because they don’t have the 12-percent value added tax.”……………………………Full Article: Source


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