Connect with us

Hi, what are you looking for?


Revenue from marked fuel hits P324 billion


DUTIES AND TAXES collected from marked fuel products had reached P324.46 billion as of Nov. 25, counting back to 2019 when the program started, according to the Department of Finance (DoF).

The volume of levied fuel had hit 32.88 billion liters since Sept. 4, 2019, based on data sent by Finance Secretary Carlos G. Dominguez III to reporters via Viber on Monday.

Revenue included P294.64 billion in Customs duties and P29.81 billion in excise tax.

Almost three-quarters of the marked fuel came from Luzon, a fifth from Mindanao and 5.47% from the Visayas.

Diesel accounted for 60.98% and gasoline had a 38.49% share, with kerosene taking the rest.

The program seeks to deter fuel smuggling by injecting a special dye into the products to signify tax compliance. The absence of the dye means the fuel was probably smuggled.

The government in September last year started collecting a fuel marking fee of P0.06884 a liter, inclusive of value-added tax on manufactured, refined and imported petroleum products.

The government has lost as much as P40 billion from fuel smuggling, the DoF has said.

The House Committee on Ways and Means approved a bill on Nov. 11 that seeks to suspend or lower the excise tax on some fuel products for six months amid rising global oil prices.

Albay Rep. Jose Ma. Clemente S. Salceda, who heads the House body, said the House of Representatives was likely to approve the measure.

But the DoF has said suspending the excise tax on fuel would likely improve the disposable income of wealthier households faster than others, making the tax relief inequitable. — Jenina P. Ibanez

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



MARKUS SPISKE-UNSPLASH I am pleased to share with readers the political section of our latest quarterly outlook report for Globalsource Partners (, a subscriber-based...


PEXELS ANGIE-REYES The bill establishing the Maharlika Wealth Fund (MWF), described as a Sovereign Wealth Fund (SWF), has taken a severe beating. It has...


PEXELS-LARA JAMESON China’s rise as an economic powerhouse is arguably the most spectacular story of the early 21st century. But are China’s glory days...


WHOSE pandemic strategy really saved lives? Which states or countries lost the most people to the virus? Or to the unintended consequences of mitigation...

Editor’s Pick

More than half of all Londoners have either started their own business or aspire to do so in 2023, compared to nearly a third...

Editor’s Pick

The John Lewis Partnership has struck a £500m deal with the investment firm Abrdn to build 1,000 residential rental homes, redeveloping three sites already...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


KARASOLAR.COM TENA, Ecuador — Ecuador’s rainforest Achuar people say their ancestors long dreamed of a “fire canoe” or “electric fish” that would let them...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.