Finance Secretary Carlos Dominguez III
MANILA – The pandemic will not hamper the government’s fuel marking program, Finance Secretary Carlos Dominguez III said on Monday.
Department of Finance (DOF) data showed that as of July 2, 2020, the government was able to mark about 9.3 billion liters of fuel since the program started in September 2019.
The top three companies that have registered the largest supply that have been marked are Petron Corporation at 2.25 billion liters, Shell Corporation, 1.9 billion liters; and Unioil, 1.03 billion liters.
Petron’s supply that has been marked accounted for 24.18 percent of the total, while share of Shell and Unioil is at 20.41 percent and 11.03 percent, respectively.
In terms of island groups, marked supply of oil players from Luzon accounted for the bulk at 75 percent, followed by the 20 percent of those from Mindanao and five percent from the Visayas.
In terms of the amount of petroleum products that have been marked, DOF data show that approximate value is about PHP503.578 billion for about 9.141 billion liters marked as of end-June 2020.
“We continued with (the) fuel marking program despite the contagion and will proceed as in the past,” Dominguez told journalists in a Viber message.
The fuel marking program intends to address oil smuggling in the country that robs the government necessary revenues, which authorities earlier estimated to be at least PHP20 billion annually.
This program is a requirement under the Tax Reform for Acceleration and Inclusion (TRAIN) law.
To date, there are 20 fuel sales companies that have participated in the program.
Other players that have submitted their supply for marking are Chevron, Seaoil, Phoenix Petroleum, Insular Oil, the joint venture of Total and Filoil, Jetti, PTT, Marubeni, Micro Dragon, Filoil, Warbucks, SL Harbor, Goldenshare, High Glory Subic, Erai, SL Gas, and Jadelink. (PNA)
