June 26, 2022

Bicol Express News

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Pump prices for gasoline to go down, diesel to increase

It is expected that the pump prices of gasoline will scale down to P1.70 per liter while diesel is set for P1.20 per liter this week according to industry sources beginning May 31 to June 6, 2022.

Last week price movements is a reversal of the scaled price for gasoline when its pump rpice increased to P3.95 per liter while diesel fuel saw a rollback of P2.30 per liter.

Pump prices for gasoline to go down, diesel to increase

It is expected that the pump prices of gasoline will scale down to P1.70 per liter while diesel is set for P1.20 per liter this week according to industry sources beginning May 31 to June 6, 2022.

Last week’s price movements is a reversal of the scaled price for gasoline when its pump price increased to P3.95 per liter while diesel fuel saw a rollback of P2.30 per liter.

This sums up the net price increase of P25.55 per liter for gasoline while diesel products recorded a P29.10 per liter according to the data released by the Department of Energy.

In a related development the Department of Finance is proposing to include a hike of P1 as petroleum excise tax and a new tax scheme as the carbon tax. The department said that this measure is part of their “fiscal consolidation and resource mobilization plan” with an intention to remove the excise tax exemption for pickups but to levy it on motorcycles aimed to help the next administration combat the ballooning debt.

The proposal will be in effect sometime in 2024 and is expected to be for a minimum of three years if passed.