Daily Star logoTop Stories

Bacolod City, Philippines Tuesday, June 23, 2020
Front Page
Star Business
Star Life
People & Events

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


back to top

Front Page | Opinion | Business | Sports
Star Life | People & Events| Archives | Advertise
Top Stories
ButtonLacson calls for prayers as quakes rock Kanlaon
ButtonCrime group leader falls, PNP says
ButtonBacolod SAP distribution set this week
ButtonNegros PLO lawyers, staff served show cause orders
Button3 LSIs from Cebu Covid positive
ButtonCops nab 9, seize P368K in shabu
ButtonFuel prices up again
ButtonTwo killed in accidents
ButtonDPWH declogs manhole
ButtonGuv inaugurates new building
ButtonAboitiz gives P140M to host beneficiaries
ButtonProbationer arrested

ButtonEx-NPA leaders, kin of slain rebel receive gov’t financial assistance