Fuel marking program raises more funds for government
Dominguez expects the program to shore up revenues needed by the government to implement measures to combat the devastating impact of the COVID-19 pandemic. In a message to reporters covering the Finance beat, Dominguez said the pace of the program was unaffected by the onslaught of the pandemic. “We continued with the Fuel Marking Program despite the contagion and will proceed as in the past,” Dominguez said. Data showed that of the total volume of fuel marked, Petron Corp. accounted for the bulk or 2.250 billion liters for a 24.18-percent share. It was followed by Shell with 1.90 billion liters for a 20.41-percent share, and Unioil with 1.026 billion for 11.03 percent. Others include Chevron, with 821.6 million liters; Seaoil, 778.63 million; Phoenix, 741.40 million; Insular Oil, 550.597 million; Total/Filoil, 266.702 million; Jetti, 262.132 million; PTT, 146.271 million; Marubeni, 118.01 million; Micro Dragon, 96.438 million; Filoil, 68.185 million; Warbucks, 59.607 million; SL Harbor, 51.059 million; Goldenshare, 49.586 million; High Glory Subic, 49.067 million; Era1, 41.193 million; SL Gas, 18.365 million; and Jadelink, 11.940 million liters. Luzon accounted for about 75 percent of the fuel marked, followed by Mindanao with 20 percent and the Visayas with 5 percent. For the period September 2019 to June 2020 alone, about 9.141 billion liters were marked with a value of P503.578 billion. Of this volume, the Bureau of Customs reported 6.101 billion liters with a value of P336.074 billion. The BIR had 3.040 billion liters marked valued at P167.503 billion. Fuel marking is mandated under the Tax Reform for Acceleration and Inclusion Act as a measure against smuggling of petroleum products. Fuel marking is done after the taxes are paid on refined and imported gasoline, diesel and kerosene. To date, all import terminals and refineries of various oil companies nationwide comply with the marking requirement of the program. “Definitely, the fuel marking program, as part of our tax reform is having a positive effect on our revenues and therefore on our ability to withstand the ill effects of the contagion,” Dominguez said in an earlier statement.