PUMP prices are up by as much as P0.75 per liter starting today, Tuesday, as a result of higher prices in the world market, according to the oil distributors.
They raised kerosene prices by P0.75 per liter, diesel by P0.65 per liter and gasoline by P0.20 per liter.
Petron, the Philippines’ biggest oil company, raised
gasoline prices by P0.20 per liter, diesel by P0.65 per liter, and kerosene by P0.75 per liter but did not raise prices in the areas under a state of calamity.
Seaoil Philippines said it raised its prices “to reflect the movements in the international petroleum market.”
Petron and Seaoil aside, Pilipinas Shell and PTT Philippines also raised prices while the other companies were expected to follow suit.
The Energy Department earlier said the old stock of petroleum products should not be slapped the new excise tax rates.
“Consequently, the retailers should not charge the new excise tax to the consumers,” the department said in a statement.
The implementation of the excise tax and value added tax on petroleum products under the Tax Reform for Acceleration and Inclusion took effect on Jan. 1, 2018.
“The [department] 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.
He said the department stringently monitors oil trading in the international market and analyzes its effects on the domestic prices of petroleum products as mandated by the Oil Deregulation Law of 1998.