Fuel marking revenues reach P126B in 1 year

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    Revenues collected by the government from duties and taxes slapped on fuel has amounted to P126.5 billion since it began implementing its fuel marking program.

    Data shared by Carlos Dominguez, Department of Finance (DOF) secretary, to finance reporters over the weekend showed the government has marked 12.05 billion liters of fuel from September 2019 to August 27, 2020.

    Duties and taxes collected by the Bureau of Customs (BOC) from fuel products totaled to P107.77 billion, covering the period of September 2019 to September 3, 2020.

    Excise taxes generated by the Bureau of Internal Revenue (BIR) from petroleum products amounted to P18.74 billion, from December 2019 to August 20, 2020.

    Majority or three-fourths of fuel marked so far by the government is in Luzon, while 20 percent and 5 percent are in Mindanao and Visayas, respectively.

    In terms of fuel type, more than 62 percent is accounted for by diesel, around 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.

    Meanwhile, the DOF, BOC and BIR have issued Joint Memorandum Order (JMO) 1-2020 prescribing the implementing guidelines for the collection and disbursement of fuel marking fee as the second year of the program approaches, the BOC said in a statement over the weekend.

    The first year of the program was subsidized by the Philippine government.

    The fuel marking fee collected by BIR and BOC, respectively, shall be credited to the Fuel Marking Trust account. The fund will be used solely to defray cost of marking services for the second to fifth year of the implementation of the fuel marking program, the BOC said.

    According to the JMO, a fuel marking fee of P0.06884 per liter shall be collected by BIR and BOC, respectively, on all manufactured, (A. Celis)