Another oil price hike seen next week
Motorists may have to shell out more money next week as local oil firms announce another possible round of price hikes.
Oil Industry Players estimate the price of gasoline to increase by P0.70 to P0.75 per liter and diesel by P0.10 to P0.15 a liter.
If it pushes through, this would be the seventh consecutive week that local pump prices have increased. – Robie de Guzman
Oil firms to adjust prices starting January 7
MANILA, Philippines — Local prices of petroleum products will be adjusted anew this week.
In separate advisories, Pilipinas Shell Corp. and SEAOIL Philippines Inc. said they will reduce the price of gasoline by P0.10 liter while hiking the prices of diesel by P0.40 and kerosene by P0.30 a liter.
Petro Gazz, Cleanfuel, and Phoenix Petroleum Inc. also announced the implementation of the same charges except for kerosene which they do not carry.
The adjustment in pump prices will take effect on Tuesday, January 7.
Big-time oil price hike takes effect this week
MANILA, Philippines – Oil companies are set to impose big-time oil price hike this week.
Shell announced that effective 6:00 AM Tuesday (December 31), it will impose an additional P0.80/L on gasoline; P0.50/L on diesel and P0.35/L on kerosene.
Unioil, meanwhile, said it will add P0.45/L to P0.55/L to the price of diesel and P0.85/L – P0.95/L to gasoline.
Oil firms clarified, however, that the price adjustment does not include the impending excise tax on fuel set for 2020.
Industry players said the oil price hike follows price adjustment in the world market.
Big-time oil price hike looms in January 2020
MANILA, Philippines – The last tranche of excise tax on fuel will take effect from January to April next year.
This means that the price of gasoline will have an additional P1.12/L; additional P1.68/L on diesel; additional P1.12/L on kerosene and P1.12/L on liquefied petroleum gas (LPG).
In line with this, the Department of Energy (DOE) has previously advised oil companies to submit their respective inventory reports on or before December 31 to make sure that the provisions regarding excise tax on fuel products are properly enforced.
Likewise, the DOE warned oil retailers that they can only impose the second round of the tax hike “on new inventories imported or produced from local refineries in 2019.”