InkSure Expands into Fuel Security Market
by Jeremy Plimmer
Posted on Wednesday, March 30, 2011
INKSURE Technologies Inc. one of the market leaders in machine readable taggants and hand held readers has announced the release of Fuel Sure, a brand new covert fuel security solution that utilises taggant technology (optical readable forensic codes) for fuel authentication.
Illicit trade and the substitution of unbranded fuel delivered through branded sites is most prevalent in Europe where fuel currently sells for $7.00 - $8.50 per gallon, which includes high value added tax and also fuel duty. About 10% of gasoline sold in Bulgaria is counterfeited according to CBC News.
The Guardian (UK) reported in 2008, that in certain regions in the UK, smuggled fuel amounts to almost 25% of all fuel sold (although this is most likely to be across the Northern Irish Border).
Due to recent events in the Middle East and Asia, fuel prices are expected to spike, making fuel a more attractive target for smuggling and counterfeiting. In North America, Chesapeake Energy expects the average price of gasoline to reach $5.50 per gallon by 2012, a record high for the USA. Global prices are expected to be even steeper than the current numbers.
"It is important that fuel companies take the necessary precautions in order to avoid having their brand utilised to sell illegal and diluted fuel. FuelSure was developed in order to provide forensic level fuel security to end-users and keep motorists safe," said Tal Gilat, president & CEO of InkSure.
FuelSure offers a simple and cost-effective turnkey solution to ensure fuel security and keep counterfeit and smuggled fuel out of the supply chain. InkSure's taggants can be integrated into the fuel at any point in the supply chain. Once integrated, the invisible taggants can only be detected in the fuel with a specially engineered FuelSure reader. FuelSure readings measure the taggant concentration which verifies if the fuel has been counterfeited or diluted with unbranded fuel purchased on the spot market.
INKSURE Technologies Inc. is an industry leader in taggant technology for brand protection and anti-counterfeiting. InkSure's taggant technology is applied to tens of billions of consumer items and high-value documents annually. The company targets a number of industry sectors, including finance, government, pharmaceuticals, FMCGs and transportation.
All popular branded fuel contains proprietary additives to enhance performance and reduce engine wear and tear. It is unlikely that substitute spot market purchases of unbranded fuel contain any additives and may lead to expensive engine damage over time.
About Jeremy Plimmer
Jeremy Plimmer has 35 years of experience in the security related print and packaging industry working originally as sales development director for manufacturers of passports, high security print and labels and more recently as a consultant. He is a graduate member of the Chartered Institute of Marketing, a Fellow of the Institute of Minerals, Materials and Mining, chairman of the West Midlands Packaging Society as well as vice chairman of the East Midlands Packaging Society.