Undersecretary: Gasoline, diesel to increase by around P3/L

By Paulo Loreto Lim

Guidelines from Department of Energy (DOE) Secretary Alfonso Cusi were recently released to various oil companies in connection with policies of the Tax Reform for Acceleration and Inclusion (TRAIN) Law, which includes informing customers of the newly-implemented excise tax.

For the purposes of transparency, DOE is requesting oil companies post a notice regarding the excise tax.

Companies will also be required to submit an inventory of fuel as supplies acquired before December 31, 2017 are not subject to the new tax. Inventory reports must be submitted by today, January 5.

According to DOE Undersecretary Felix Fuentebella, once 2017 supplies are depleted, gasoline, diesel, and kerosene prices are set to go up by around P3 per liter, while liquefied petroleum gas is expected to see a P12 per 11-kilogram cylinder hike./PLL, WDJ