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Revenues collected by the government from tariffs and taxes applied to fuel have amounted to 162.8 billion pesos since the implementation of the fuel marking program.
Data shared by Carlos Domínguez, secretary of the Finance Department, for financial reporters over the weekend showed that the government marked 16.43 billion liters of fuel from September 2019 to December 8, 2020.
“Our goal is to have 100 percent of the fuel oil inventory checked at any given time,” Domínguez said.
When asked if the fuel brand is already 100 percent in stock, the CFO said, “I think so.”
Duties and taxes collected by the Customs Office on fuel products totaled P140.71 billion, covering the period from September 2019 to December 7, 2020.
Meanwhile, the consumption taxes generated by the Internal Revenue Office of petroleum products amounted to P22.08 billion, from December 2019 to December 3 of this year.
Most or almost three-quarters of the fuel marked so far by the government is in Luzon, while more than 20 percent and about five percent are in Mindanao and Visayas, respectively.
In terms of fuel type, about 62 percent corresponds to diesel, more than 37 percent to gasoline and the remaining minimum percentage to 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 Harbor, Jadelink, SL Gas, Power Fill and Petrotrade.
The fuel marking program is mandated under the Tax Reform Act for Acceleration and Inclusion to curb oil smuggling and misreporting of petroleum products into the country, and increase revenue collection from imported petroleum products and locally refined taxable.
The program uses an official fuel marker, a unique chemical marker detectable at the molecular level, which allows authorities to test, identify and distinguish excise duty-paid petroleum products on the market from those without. – Angela Celis
