Fuel Marking Program Processes 6.88-B liters as of April 15 | Business World
The government has marked 6.88 billion liters of fuel products as of April 15, with 75% of the total marked in Luzon, the Department of Finance (DoF) said.
In a document sent to reporters on Wednesday, the DoF said the marking took place between September and April 15, with 20% marked in Mindanao and 5% marked in the Visayas.
Petron Corp. accounted for 1.618 billion liters of fuel marked or 23.53% of the total, followed by the 20.09% share of Pilipinas Shell Petroleum Corp. with 1.382 billion liters, Unioil Petroleum Philippines, Inc. had an 11.41% share with 785.191 million liters and Chevron Philippines accounted for 10.31% or 709.227 million liters.
Other oil companies that participated in the fuel marking program were Phoenix Petroleum, Seaoil Philippines, Inc., Insular Oil Corp., Filoil Energy Company, Inc. and PTT Philippines Corp.
Fuel marking is an anti-smuggling measure. Fuel that has passed the various stages of tax compliance is marked with a special dye. The absence of a marker dye can be taken as prima facie evidence that no taxes were paid on the fuel.
“Definitely the fuel marking program, as part of our tax reform (program), is having a positive effect on our revenues and therefore, on our ability to withstand the ill effects of the (coronavirus) contagion,” Finance Secretary Carlos G. Dominguez III told reporters in a Viber message Wednesday.
The DoF has estimated additional revenue of about P20 billion this year as due to the fuel marking program’s deterrent effect on smuggling. Before the marking program was implemented, the DoF estimated revenue losses due to fuel smuggling of between P20 billion and P40 billion a year. — Beatrice M. Laforga