P91.65 billion in fuel taxes collected from fuel marking

MANILA, Philippines — The government has collected P91.65 billion in duties and taxes from petroleum products since the implementation of the fuel marking program last year, according to the Department of Finance (DOF).

Based on BSP data, the government has already infused 10.66 billion liters of fuel with markers from September 2019 until July 31.

This translates to P91.65 billion in oil duties and taxes paid during the same period.

The bulk or 75 percent of the total marked volume is located in Luzon, while 20 percent is in Mindanao. The remaining five percent is in the Visayas region.

Of the 20 participating companies, Petron Corp. had the largest share of marked and tax paid fuel at 23.59 percent.

This was followed by Pilipinas Shell Petroleum Corp. and Unioil Petroleum Philippines Inc., which accounted for 20.16 percent and 10.71 percent of the total volume, respectively.

About 8.63 percent of the total marked fuel also came from Chevron Philippines Inc., 8.51 percent from Seaoil Philippines Inc. and 7.64 percent from Phoenix Petroleum Philippines Inc.

Other participating companies include Insular Oil Corp., Total Philippines Corp., Jetti Petroleum Inc., PTT Philippines Corp., Marubeni Philippines Corp., Micro Dragon Petroleum Inc., Filoil Energy Co. Inc., Warbucks Industries Corp., SL Harbor Bulk Terminal Corp., Goldenshare Commerce, High Glory Subic International Logistics Inc., Era1 Petroleum Corp., SL Gas, and Jadelink Subic Inc.

Under the fuel marking program, petroleum products for domestic consumption with proof of payment of taxes will be injected by markers.

Through this program, the government seeks to curb oil smuggling and misdeclaration of petroleum products, and to increase revenue collection from taxable imported and locally refined petroleum products.

The DOF estimates that the government loses as much as P40 billion annually due to oil smuggling. The DOF earlier said the government wants to plug at least half of this or P20 billion through fuel marking.