June 21, 2024

Bicol Express News

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Oil companies “greet” the week with big time petroleum increase

Photo by Edd Gumban / The Philippine STAR)

SORSOGON CITY – – – Oil firms today open the week with the announcement Tuesday that it will increase the pump price of its products effective nationwide. 

The statement followed last week’s news that the Organization of the Petroleum Exporting Countries (OPEC) including allies will cut its production of oil by 2 million barrels per day. 

Diesel will be projected the biggest increase of P6.85 per liter, while gasoline and kerosene pump prices will also increase by P1.20 and P3.50 per liter, respectively. 

The fresh big time oil price increase shattered the rollback streak for two straight weeks for gasoline, and five weeks for diesel and kerosene.

As of October 4, 2022, data from the Department of Energy (DOE) shows that year-to-date total adjustments stood at a net increase of P14.45 per liter for gasoline, P28.95 per liter for diesel, and P23.25 per liter for kerosene.  

Public clamor for suspension of excise tax and VAT on oil products

Various consumers, transport and cause-oriented groups renewed its call for Marcos Jr to heed their call for the suspension of the implementation of the excise tax and VAT on all petroleum products. 

They claimed that by suspending the excise tax under the TRAIN Law and VAT, it could mitigate not only the effects of unabated oil price hikes as well as the inflation. 

Some, to the extent wanted to push for the repeal of the Oil Deregulation Law or Republic Act No. 8479

“The government needs to revise the provisions under the Oil Deregulation Law and the TRAIN Law—the expanded VAT and the excise tax on petroleum products – because we do not import petroleum products on a weekly or monthly basis” a spokesperson of a transport group said. 

Despite Marcos Jr already not inclined to suspend the implementation of oil excise, groups and even lawmakers under the progressive bloc in the House of Representatives pushed for the initiative.  

During the campaign period, some presidential candidates proposed the suspension of the TRAIN Law. 

In the 19th Congress, some lawmakers vowed to refile measures to suspend the collection of excise taxes on diesel, gasoline, cooking gas and other oil fuel products as well as the repeal of RA 8479.