THE oil companies raised diesel prices by P0.55 per liter and kerosene by P0.30 per liter effective 6 a.m. Tuesday but did not move gasoline prices.
“PTT Philippines to hike the price of diesel by P0.55 per liter effective 6 a.m. Tuesday, January 9, 2018. No movement on gasoline prices,” PTT said in its advisory.
PTT aside, Eastern Petroleum, Flying V, Phoenix Petroleum Philippines, Seaoil Philippines and Pilipinas Shell also raised their pump prices, while the other oil companies were expected to follow suit.
Meanwhile, the oil firms vowed to comply with the Department of Energy’s order not to raise prices on their old inventories that were not levied the new excise taxes under the TRAIN law.
“Our retail stations will apply the new excise taxes on fuels only when their old inventories are fully consumed,” Pilipinas Shell Petroleum Corp. said.
Energy Secretary Alfonso Cusi earlier said the additional excise tax on fuel under TRAIN should not affect the prices of the oil firms’ old stocks, including their stocks under the 15-day Minimum Inventory Requirement.
Cusi said the oil companies had agreed to submit their stock inventories as of the cut-off date (Dec. 31, 2017) under a notarized document to be submitted to his department.
The oil companies were also ordered to share their data regarding their sales to their dealers/retailers to determine which stocks should be applied with the excise tax.
They will also require their retailers to post what the products will be charged with the excise tax and when it will be implemented.
Cusi said his department and other relevant government agencies will conduct random audits and monitoring activities on the compliance with the Tax Reform for Acceleration and Inclusion both in the depot or refinery and at the retail level or gasoline stations.
He warned the oil firms against profiteering from the imposition of the higher excise tax on petroleum products.
Gasoline prices are expected to go up by P2.97 per liter, kerosene by P3.36 per liter and diesel by P2.80 per liter as a result of TRAIN.
