Revenues collected by the government from duties and taxes slapped on fuel have amounted to P162.8 billion since the implementation of the fuel marking program.
Data shared by Carlos Dominguez, Department of Finance secretary, to finance reporters over the weekend showed that the government has marked 16.43 billion liters of fuel from September 2019 to December 8, 2020.
“Our goal is to have 100 percent of fuel oil inventory at anytime marked,” Dominguez said.
Asked if the fuel marking is already at 100 percent inventory, the finance chief said: “I believe so.”
The duties and taxes collected by the Bureau of Customs from fuel products totaled to P140.71 billion, covering the period of September 2019 to December 7, 2020.
Meanwhile, the excise taxes generated by the Bureau of Internal Revenue from petroleum products amounted to P22.08 billion, from December 2019 to December 3 this year.
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, 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, SL Gas, Power Fill 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. – Angela Celis