Domestic pump prices went up for the third consecutive week by as much as P1.35 per liter effective 6 a.m. Tuesday to reflect the movement of prices in the world oil market.
The oil firms raised the price of kerosene by P1.35 per liter, gasoline by P1.30 per liter, and diesel by P1 per liter.
Meanwhile, even as inflation remains high, the Department of Trade and Industry (DTI) said the suggested retail price (SRP) for various commodities would remain at levels set by the August 2022 SRP Bulletin, as the agency has not yet finished assessing the petitions for price increases by companies.
While officials could not say when the new SRP Bulletin would be released, they said price hikes would be “minimal” for basic commodities like sardines, milk, coffee, and noodles.
Even the price increases sought by canned meat manufacturers will be kept at the barest possible adjustment, they said.
Also, cooking gas or liquefied petroleum gas prices will likely go up by about P9.50 per kilo by tomorrow, Feb. 1, due to the higher contract price for LPG.
This translates to an increase of P104.50 per 11-kilo tank used primarily by households.
LPG is sold from P824 to P990 per 11-kilo tank in Metro Manila, with prices depending on the brand, outlet, and market forces.
Meanwhile, the Kilusang Magbubukid ng Pilipinas asked the government to remove the VAT on petroleum products to ease the burden of consumers affected by almost weekly oil price hikes.
KMP said scrapping the oil excise taxes under TRAIN will provide immediate relief to Filipinos and help control the rising inflation.
Petron Corp., Seaoil Philippines, PetroGazz, PTT Philippines, Jetti Petroleum, Cleanfuel, and Chevron Philippines made separate announcements of the latest oil price hike.
Unioil Petroleum Philippines said over the weekend diesel will likely go up by P0.80 to P1.00 per liter and gasoline by P1.20 to P1.40 per liter.
Department of Energy director for the Oil Industry Management Bureau Rodela Romero said world oil prices went up due to the increased economic recovery fueled demand recovery in China.
World oil prices have been going up in the past week on bullish sentiment about Chinese demand growth and easing US recession fears.
KMP said removing the excise tax and VAT on oil will remove P6 per liter from diesel, P5.35 per liter for unleaded gasoline, and P3 per kilogram of LPG.
Oil revenue losses can be offset by also suspending the corporate income tax cuts under CREATE.
The group said reducing indirect consumption taxes on oil and increasing direct taxes on income makes the tax system more progressive.
The farmers’ group said Filipinos are still reeling from the damaging effects of frequent oil price hikes in 2022.
