Excise tax on oil products up 56% to P7.34 billion in first half

MANILA, Philippines – Excise tax on petroleum products went up by 56 percent to P7.344 billion in the first half of the year from P4.7 billion in the same period last year, the Bureau of Internal Revenue (BIR) reported yesterday.

The latest collection figure is 64 percent higher than the revenue goal of P4.47 billion.

Collections went up as civil society groups have been urging the government to audit the books of oil companies to find out why local pump prices are going up.The Social Justice Society, a civil society group, urged government to audit the books of the so-called Big Three, the country’s three main oil players — Pilipinas Shell Petroleum Corp., Chevron Corp. and Petron Corp.

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