Advertisement

Dominguez says 2.8b liters of fuel marked

Around 2.79 billion liters of fuel have been marked under the government’s fuel marking program as of Feb. 7, 2020, Finance Secretary Carlos Dominguez III said over the weekend.

Dominguez said in a message to reporters over the weekend that the Bureau of Customs accounted for 2.148 billion liters of the total volume of fuel marked while the Bureau of Internal Revenue had 642 million liters.

He said the participating companies include Unioil, Chevron, Phoenix Petroleum, Seaoil, Shell, Insular Oil, Filoil Energy, PTT, Petron and Warbucks Petroleum.

Dominguez said the “latest addition to the participating companies were Microdragon Petroleum [Subic], High Glory Subic International [Subic], Marubeni Philippines [Subic], Goldenshare Commercial [Subic], Jadelink [Subic] and Era1 Petroleum [Subic].”

The fuel marking program aims to address the proliferation of smuggled fuel in the country. This involves the injection of a chemical signifying correctly paid excise taxes and import duties.

Topics: fuel marking program , Finance Secretary Carlos Dominguez III , Bureau of Customs , Bureau of Internal Revenue , excise taxes , import duties
COMMENT DISCLAIMER: Reader comments posted on this Web site are not in any way endorsed by Manila Standard. Comments are views by manilastandard.net readers who exercise their right to free expression and they do not necessarily represent or reflect the position or viewpoint of manilastandard.net. While reserving this publication’s right to delete comments that are deemed offensive, indecent or inconsistent with Manila Standard editorial standards, Manila Standard may not be held liable for any false information posted by readers in this comments section.
AdvertisementSpeaker GMA
Advertisement