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Department of Finance Mar 7, 2018 @ 16:26

DOF eyes P18B gain from oil marking to plug smuggling starting 2019

 

Officials of the Department of Finance (DOF) expect to gain at least P18 billion from the planned implementation of fuel marking by early 2019.

Finance Assistant Secretary Mark Dennis Joven said the fuel marking’s project cost was around P2 billion but studies showed that potential leakage ws around P25 to P40 billion annually.

“We are targeting around 10 times the total project cost,” he said.

Joven said bidding for the marker would be completed within the year.

Aside from the fuel markers, Joven said they could also put dowsing equipment in the various refineries to check whether the oil companies are paying correct taxes.

He said the marker that would be used to check the dilution of the oil was a molecular marker and was different from the dye being used to determine if the oil is fake.

“Supposedly it is mixed with the oil and using an equipment you will see how diluted the oil is so that we can determine how many companies are not paying correct taxes,” he added.

Finance Undersecretary Antonette Tionko said a technical working group (TWG) has to determine where and at what point in the refinery should the marker be placed to check, among others, the costing.

She added that the government would initially shoulder the cost of marking.
(PNA)

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