Govt raises P257B from fuel-marking

THE government generated more than P257 billion in duties and taxes through its fuel marking program, data released by the Department of Finance (DOF) on Monday showed.

The P257.23-billion total raised is equivalent to 26.49 billion liters of fuel products marked from September 2019 to July 9, 2021.

Of the total revenues, the Bureau of Customs collected P227.75 billion from September 2019 to July 8 this year, while the Bureau of Internal Revenue garnered P29.48 billion from December 2019 to June 30, 2021.

Diesel led the tally of the marked products at 60.92 percent or 16.14 billion liters, followed by gasoline at 38.54 percent or 10.21 billion liters and kerosine at 0.54 percent or 142.48 million liters.

Location wise, Luzon topped at 73.45 percent or 19.46 billion liters of the total marked products. Mindanao seconded at 21.18 percent or 5.61 billion liters and followed by Visayas at 5.37 percent or 1.42 billion liters.

The government’s fuel marking program is mandated under the Republic Act 10963 or the “Tax Reform for Acceleration and Inclusion Act.”

It aims to curb oil smuggling and misdeclaration of petroleum products in the country, as well as increase revenue collection from taxable imported and locally refined fuel products.

The joint circular on the program defined fuel marking as the addition or administration of official fuel marker to petroleum products refined, manufactured or imported to the Philippines after taxes and duties have been paid.

Companies participating in the