MANILA, Philippines — The government’s fuel marking program has already covered 100 percent of the total fuel inventory nationwide, according to the Department of Finance (DOF).
In a text message to reporters, Finance Secretary Carlos Dominguez said the government has infused fuel markers to 16.43 billion liters of oil from Sept. 4, 2019 to Dec. 8.
Dominguez said the government has already reached its target of infusing all fuel products all over the country with chemical markers. “Our goal is to have 100 percent of fuel oil inventory at any time marked,” he said.
Under the fuel marking program, petroleum products for domestic consumption with proof of payment of taxes are infused with chemical markers.
The program also involves the deployment of fuel marker testing units in random gas stations nationwide, enabling authorities to determine if there are still smuggled oil products in the market.
Earlier, Dominguez said the rise in revenues collected from fuel products indicate the program’s success in curbing oil smuggling and misdeclaration of petroleum products.
As of early-December, the Bureau of Customs (BOC) was able to collect P140.71 billion in duties and taxes from imported oil, while the Bureau of Internal Revenue (BIR) generated P22.08 billion in excise taxes from these products.
Together, the two agencies raised P162.79 billion in total revenues since the fuel marking program was implemented in September last year.
Meanwhile, DOF data showed that diesel accounted for 10.13 billion liters of the total fuel marked as of Dec. 8. This was followed by gasoline with 6.21 billion liters and kerosene with 87.95 million liters.
By geographic location, 12.19 billion liters of the total volume are in Luzon, 3.41 billion liters in Visayas, and 833.75 million liters in Mindanao.
Among the 20 participating companies, Petron Corp. had the largest share of marked fuel with a total volume of 3.75 billion liters, followed by Pilipinas Shell Petroleum Corp. and Unioil Petroleum Philippines Inc., with 3.23 billion and 1.73 billion liters, respectively.
Seaoil Philippines Inc. also accounted for 1.38 billion liters of the total volume, while Chevron Philippines Inc. reported 1.32 billion liters.
Initially, the cost of the fuel markers was shouldered by the government during the first year of the program’s implementation. But beginning Sept. 4, oil companies were required to pay fuel marking fees amounting to P0.06884 per liter, inclusive of value-added tax.
Source: https://www.philstar.com/business/2020/12/14/2063537/government-attains-fuel-marking-program-goals