Revenues collected by the government from duties and taxes slapped on fuel has amounted to P275.38 billion, since it began implementing its fuel marking program.
Data shared yesterday by Finance SecretaryCarlos Dominguez showed that 28.23 billion liters of fuel has been markedfrom September 4, 2019 to August 13, 2021.
The duties and taxes collected by the Bureau of Customs from fuel products totaled to P245.6 billion.
Meanwhile, the excise taxes generated by the Bureau of Internal Revenue from petroleum products amounted to P29.78 billion.
Majority or nearly three-fourths of fuel marked so far by the government is in Luzon, while more than 20 percent and around five percent are in Mindanao and Visayas, respectively.
In terms of fuel type, 61 percent is accounted for by diesel, followed by gasoline, with the remaining minimal share taken by kerosene.
Participating companies include Petron, Shell, Unioil, Seaoil, Phoenix Petroleum, Insular Oil, Chevron, Filoil Logistics, Jetti, Marubeni, PTT, Total-Filoil, Micro Dragon, Goldenshare, Warbucks, ERA1 Petroleum, High Glory Subic, SL Harbour, Trafigura, Jadelink, Power Fill, SL Gas, RK3, Fueleast and Petrotrade.
The fuel marking program is mandated under the Tax Reform for Acceleration and Inclusion Law to curb oil smuggling and misdeclaration of petroleum products in the country, and increase revenue collection from taxable imported and locally refined petroleum products.
The program uses an official fuel marker, a unique chemical marker detectable at a molecular level, allowing for authorities to test, identify and distinguish petroleum products with paid excise taxes in the market from those without.
