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Economy

Fuel marking proceeds top P439 billion as of late May

DOF

TAXES collected from fuel marking amounted to P439.40 billion as of late May, counting back to when the program started in September 2019, the Department of Finance said.

The total includes P409.58 billion generated by customs duties as of May 26, and P29.81 billion worth of excise taxes collected as of Oct. 28, 2021.

The volume of marked fuel was 42.10 billion liters as of May 27, Finance Secretary Carlos G. Dominguez III said in a Viber message on Monday.

Luzon accounted for over 73% of marked fuel, or 31 billion liters, while 8.7 and 2.3 billion liters were marked in Mindanao and the Visayas, respectively.

Diesel accounted for 60.70% of the marked fuel, while gasoline consisted of 38.92%, and kerosene 0.51%.

There are currently 28 oil firms participating in the fuel marking program.

Petron Corp. had the largest volume of fuel marked at 10.26 billion liters, or 24.37% of the total, followed by Pilipinas Shell Petroleum Corp. at 7.48 billion liters or 17.76%.

Unioil Petroleum Philippines, Inc. had 4.31 billion liters marked, while Insular Oil Corp. and Seaoil Philippines, Inc. accounted for 3.65 billion and 3.48 billion, respectively.

The fuel marking program was launched on Sept. 4, 2019. Fuel marked with a special dye signifies tax compliance, while the absence of the dye is considered an indication that the fuel may be smuggled. The program is authorized by Republic Act 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN) law.

Last year, P158.44 billion was collected via duties. In 2022 so far, collections have totaled P154.40 billion, while the volume of marked fuel for the period was 12.97 billion liters.

Mr. Dominguez has said that the government expects to collect P147.1 billion in fuel excise tax and VAT in 2022. — Tobias Jared Tomas

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