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Friday, March 1, 2024

Six oil firms collecting additional excise taxes

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Six oil companies with a combined 900 retail fuel outlets, or over 10 percent of the 9,003 stores nationwide, have implemented higher additional excise taxes, the  Energy Department said over the weekend.

To date, Pilipinas Shell Petroleum Corp., PTT Philippines, Chevron Philippines, Petrogazz, Seaoil Philippines and Total Philippines informed the agency of their implementation of additional excise taxes.

As of January 24, 48 of 67 LPG depots and 40 of 116 liquid fuel depots have already imposed additional excise taxes, indicating their December 31, 2019 inventories have already been depleted. 

For liquefied petroleum gas refilling plants, four of 297 have implemented additional excise taxes starting in January 10.

The oil companies must first exhaust their 2019 inventories prior to imposing the higher excise tax.

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Only new inventories in 2020, directly imported or locally produced by refineries, are covered by the third tranche of excise tax.

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