Fuel prices up again for second time in 2019

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Photo From Ariel Raule/THEPHILBIZNEWS
The dread the the unstoppable fuel pump prices in 2019 continue to haunt motorists as oil companies implemented another price increase in all petroleum products and this is the second for 2019.

There is additional of P1.40 per liter for gas, while diesel is P2.30 per liter and kerosene is P2 per liter.

 
The petroleum companies announced the price adjustment on January 15 effective 6 in the morning.
 

“But it was also made clear by the oil firms that the adjustment made is not yet the effect of the fuel excise tax, but merely a reflection on the movement of international crude prices,” in their statement.

Meanwhile, the Department of Energy expects the service stations nationwide to implement the higher excise taxes between January 15 and February 1.

They also noted that a retail outlet’s imposition of excise tax depends upon the exhaustion of the 2018 existing inventories. Only new inventories in 2019 that are directly sourced or locally produced by refineries, are covered by the second tranche of excise tax but assured that they are monitoring cases of abuses from the gas retail outlets.

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