Revenues from fuel products reach P200B

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    The revenues collected by the government from duties and taxes slapped on fuel has amounted to nearly P200 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 20.55 billion liters of fuel from September 4, 2019 to March 4, 2021.

    The duties and taxes collected by the Bureau of Customs from fuel products totaled to P172.47 billion, covering the period of September 2019 to March 4 this year.

    Excise taxes generated by the Bureau of Internal Revenue from petroleum products amounted to P27.14 billion, from December 2019 to February 25, 2021.

    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 61 percent is accounted for by diesel, more than 38 percent by gasoline with the remaining minimal share taken by kerosene.

    Participating companies include Petron, Shell, Unioil, Seaoil, Chevron, Phoenix Petroleum, Insular Oil, Filoil Logistics, Jetti, Total-Filoil, Marubeni, PTT, Micro Dragon, Goldenshare, Warbucks, ERA1 Petroleum, High Glory Subic, 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.