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Manila Bulletin devider Philippines devider BOC marks petroleum products of 20 oil firms in PH amid pandemic

BOC marks petroleum products of 20 oil firms in PH amid pandemic

Published Jul 14, 2020 12:13 am
By Betheena Unite More than seven billion liters of petroleum products in the Philippines have been marked after 20 oil companies complied with the government’s fuel marking program, the Bureau of Customs said Tuesday, April 28. Bureau of Customs (MANILA BULLETIN) Bureau of Customs (MANILA BULLETIN) Amid the threat posed by coronavirus disease, the Customs bureau said they continue to mark large volumes of imported and refined fuel products together with the Bureau of Internal Revenue. Based on latest data from the bureau, the volume of petroleum products marked in all marking refineries and terminals nationwide has reached 7,041,752,018 liters from September 2019 to April 23, 2020. “Luzon has the highest share of marked fuel volume at 75 percent, while Visayas has 5 percent and Mindanao at 20 percent,” the bureau said in a statement. The companies that participated in the program include Pilipinas Shell Petroleum Corporation, Petron Corporation, Seaoil Philippines, Unioil Petroleum Philippines, Phoenix Petroleum Corporation, Chevron Philippines, Inc., Oilink International Bataan, Insular Oil Corporation, Total Philippines/Filoil, Jetti Petroleum, Inc., PTT Philippines Corp., Marubeni Corporation, Micro Dragon Petroleum Corporation, Warbucks Industries Corp., High Glory Subic International Logistics, ERA1 Petroleum Corporation, Golden Share Commerce and Trading, Inc., SL Gas, Jade Link Subic, Inc., and SL Harbor. The program is mandated under the Tax Reform for Acceleration and Inclusion (TRAIN) Law to curb oil smuggling and misdeclaration of petroleum products in the country and increase revenue collection from taxable imported and locally refined petroleum products. The program uses an official fuel marker, a unique chemical detectable at the molecular level, allowing for authorities to test, identify, and distinguish petroleum products with paid and unpaid duties and taxes in the market The Customs bureau furthered that it will continue its fuel marking operations during the extended period of the community quarantine.
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