Cusi says consumers saved P3b

The Energy Department saved consumers around P3 billions in its efforts to ensure the imposition of the new excise tax rates on petroleum products under the Tax Reform for Acceleration and Inclusion Law is fairly and responsibly implemented by oil companies.

The department estimates that its actions saved consumers around P2.64 billion for liquid petroleum fuels, and P58.4 million from liquid petroleum gas or LPG.

The department, through its Oil Industry Management Bureau, conducted meetings with the industry stakeholders for guidelines, providing advisories to the public, conducting random inspections, data gathering and reviewing the inventory, examining the paper trail even prior to the implementation of the TRAIN.