Duties collected from marked fuel total P97.1B
Import duties and other taxes collected from oil products have reached P97.1 billion since the government began injecting fuels with chemical markers in September last year, the Bureau of Customs…
P91.7B: Taxes from marked fuel since September 2019
The government generated P91.7 billion in import duties and excise from oil products since September 2019, thanks to the fuel marking program which ensured collection of correct levies. Finance Secretary…
BSP economists see fuel prices nudging up July inflation
Prices of consumer goods and services were expected to have risen between 2.2 to 3 percent in July — higher than the central bank’s forecast for June — due to…
Marked tax-paid fuel breached 10 billion liters in mid-July
MANILA, Philippines — The government has collected excise taxes and import duties from over 10 billion liters of oil products as of mid-July through the fuel marking program. The latest…
Volume of marked tax-paid fuel breaches 9-billion-liter mark
MANILA, Philippines — The volume of tax-paid marked fuel breached the nine-billion-liter mark last week, ensuring collection of correct import duties and excise taxes from oil products at a time…
‘Benign’ June inflation seen as lower LPG, electricity costs offset rising fuel, rice prices
MANILA, Philippines — The pace of price increases in the local economy likely stayed “benign” in June as rising petroleum and rice prices were likely offset by cheaper cooking fuel…
Tax-paid marked fuel tops 8 billion – liter mark
MANILA, Philippines – Over eight billion liters of fuel were already marked by the government to date after oil firms paid their correct import duties and excise taxes. Bureau of…
DOE eyes stockpiling of crude oil amid low global fuel prices
MANILA, Philippines — To take advantage of low global oil prices triggered by the coronavirus pandemic, the Department of Energy (DOE) is looking to stockpile crude oil to secure the…
Exxon profits drop as most of world stays home, forgoes fuel
AP NEW YORK — Profits fell at Exxon Mobil and Chevron warned of tough times ahead as the global pandemic began to erode oil demand. Exxon lost $610 million in…
Tax-paid marked fuel breaches 7 billion liter mark
MANILA, Philippines – The volume of marked tax-paid oil products breached seven billion liters as of last week, thanks to the fuel marking program’s exemption from movement restrictions during the…