Local oil firms increased prices of diesel and kerosene effective today, Tuesday, Dec. 24, 2019.
Diesel will go up by P1.15 per liter while kerosene will increase by P1.05 per liter.
On the other hand, gasoline prices will not increase.
Pilipinas Shell Petroleum Corp., Villavicencio-owned PetroGazz, Cleanfuel, Seaoil, and PTT Philippines have announced price increases while the rest of the industry players are anticipated to follow.
Meanwhile, consumers will bear the brunt of the last round of increases in the excise taxes for petroleum products courtesy of the Tax Reform for Acceleration and Inclusion law of the Duterte administration in January.
Energy Secretary Alfonso G. Cusi has indicated that the manner of implementation of the last tranche of excise taxes would be the same as last year.
This entails oil companies to sell all of their existing inventories first before imposing the higher taxes on new products to be shipped at their terminals and subsequently sold at the pumps. (Myrna Velasco)