The revenues collected by the government from duties and taxes slapped on fuel has amounted to P143.3 billion, since it started to implement its fuel marking program.
Data shared by Carlos Dominguez, Department of Finance (DOF) secretary, to finance reporters yesterday showed that the government has marked more than 14 billion liters of fuel from September 2019 to October 15, 2020.
The duties and taxes collected by the Bureau of Customs (BOC) from fuel products totaled to P124.07 billion, covering the period of September 2019 to October 15, 2020.
Meanwhile, the excise taxes generated by the Bureau of Internal Revenue (BIR) from petroleum products amounted to P19.24 billion, from December 2019 to mid-October this year.
Majority or nearly three-fourths of fuel marked so far by the government is in Luzon, while more than 20 percent and almost five percent are in Mindanao and Visayas, respectively.
In terms of fuel type, around 62 percent is accounted for by diesel, more than 37 percent by gasoline with the remaining minimal share taken by kerosene.
Participating companies include Petron, Shell, Unioil, Seaoil Corp., Chevron, Phoenix Petroleum, Insular Oil, Total-Filoil, Jetti, PTT, Filoil Logistics, Marubeni, Micro Dragon, Warbucks, Goldenshare, High Glory Subic, ERA1 Petroleum, SL Harbour, Jadelink and SL Gas.
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.
