Various oil firms in the Philippines are expected to increase their respective oil prices starting today, due to the usual movements in international prices even as motorists anticipated hikes that would reflect a new tax regime and despite government warning of no fuel price increase until old stocks were consumed.
The oil firms who will raise their pump prices for diesel and kerosene for the third week in a row explained that it was due to the usual movements in international prices and not due to the new TRAIN law signed by Pres. Duterte.
The pump price of gasoline will also go up, canceling the effect of a price cut implemented last week, according to the Department of Finance and the Department of Energy (DOE).
The DOF and DOE clarified also that there should be no oil price hikes so soon despite the implementation of excise tax and value added tax for petroleum products starting January 1, 2018, under the Tax Reform for Acceleration and Inclusion (TRAIN) Act.
DOF and DOE reminded the public that the new excise tax rates do not apply to the old stocks of petroleum products.
The OIMB [Oil Industry Management Bureau] has issued an advisory to petroleum products stakeholders NOT to levy new Excise Tax rates on old stocks, considering that excise taxes are levied upon importation and not at the point of sale to the consumers,” Energy Assistant Secretary Leonido Pulido III said in a statement.
Despite government warnings on Monday, four companies have announced price changes -- PTT Philippines Corp., Phoenix Petroleum Philippines Inc., Petron Corp. and Pilipinas Shell Petroleum Corporation. Other companies are expected to follow suit what the biggest petroleum companies have done in increasing fuel prices.
The oil firms who will raise their pump prices for diesel and kerosene for the third week in a row explained that it was due to the usual movements in international prices and not due to the new TRAIN law signed by Pres. Duterte.
The pump price of gasoline will also go up, canceling the effect of a price cut implemented last week, according to the Department of Finance and the Department of Energy (DOE).
The DOF and DOE clarified also that there should be no oil price hikes so soon despite the implementation of excise tax and value added tax for petroleum products starting January 1, 2018, under the Tax Reform for Acceleration and Inclusion (TRAIN) Act.
DOF and DOE reminded the public that the new excise tax rates do not apply to the old stocks of petroleum products.
The OIMB [Oil Industry Management Bureau] has issued an advisory to petroleum products stakeholders NOT to levy new Excise Tax rates on old stocks, considering that excise taxes are levied upon importation and not at the point of sale to the consumers,” Energy Assistant Secretary Leonido Pulido III said in a statement.
Despite government warnings on Monday, four companies have announced price changes -- PTT Philippines Corp., Phoenix Petroleum Philippines Inc., Petron Corp. and Pilipinas Shell Petroleum Corporation. Other companies are expected to follow suit what the biggest petroleum companies have done in increasing fuel prices.
Source: PNA
Fuel Price Increase Expected Today Despite Government Warning
Reviewed by Phil Newsome
on
January 02, 2018
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Reviewed by Phil Newsome
on
January 02, 2018
Rating:
