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Customs collects over P97-B revenue from fuel imports

Philippines | National

Customs collects over P97-B revenue from fuel imports

The Bureau of Customs collected more than P97 billion in duties and taxes from the importation of marked gasoline, diesel, and kerosene through the implementation of the Fuel Marking Program.

(MANILA BULLETIN)

As of August 6, revenue collection from the imported fuel under the program has reached P97,191,009,937.55, the bureau said Friday.

The Fuel Marking Program, which was implemented to counter oil smuggling in the country, began in September 2019 and continued during the community quarantine amid the coronavirus pandemic.

Based on the Customs-Enforcement Group's report, a total volume of 10,912,742,121 liters fuel were marked from September 2019 to August 6, 2020.

Since then 20 companies have participated in the program, including Petron, Shell and Unioil, which reported the highest volume of marked fuel of 2.5 billion, 2.26 billion, and 1.14 billion liters, respectively.

By island group, Luzon has the largest volume of marked fuel with 8 billion liters, followed by Mindanao with 2.19 billion liters, then Visayas with 539 million liters.

The Fuel Marking Program was launched in an attempt to curb illicit trade of petroleum products. It is spearheaded by the Department of Finance, Bureau of Customs, and Bureau of Internal Revenue.

“The program's strong performance affirms the Bureau of Customs' continued commitment to protect the borders and collect lawful revenues for the government.” the bureau stated.

“The Bureau of Customs and Bureau of Internal Revenue continue to implement the program to ensure that the market's fuel products have paid the corresponding duties and taxes due to the government during the current pandemic,” it added.

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