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Bacolod City, Philippines Tuesday, June 23, 2020
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Fuel prices up again

 

Oil firms have announced another increase in their prices starting this morning.

In separate advisories, Cleanfuel, Flying V, Petro Gazz, Petron, PTT Philippines, Shell, Seaoil, and Total said they will raise diesel prices by P0.85 per liter, and P1.05 increment per liter of gasoline products.

Flying V, Petro Gazz, Petron, Shell, and Seaoil will also implement an increase in the prices of kerosene by P0.30 per liter.

Fuel prices have been rising since the Organization of the Petroleum Exporting Countries and its allies started to pump less crude oil in May to counter the falling trading prices.

West Texas Intermediate oil is trading at USD39.75 per barrel while Brent crude is selling at USD42.19 per barrel, better than last week’s prices.

In the local market, the 10-percent additional tax on crude and petroleum products also pushed firms to increase fuel prices.

Under Executive Order No. 113, the government temporarily imposed on May 2 an additional 10-percent tax on imported petroleum products.

The additional revenues of the government will be used for its coronavirus disease 2019 response.

Energy Secretary Alfonso Cusi has already assured that his department will monitor the proper implementation of the additional tax.

“Upon the release of EO 113, our Oil Industry Management Bureau immediately met with industry stakeholders to discuss the way forward, including their strict compliance with the EO’s guidelines,” Cusi said.*PNA

 

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