DOE: Big-time oil price hike next week

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Metro Manila (CNN Philippines, January 12) — The Department of Energy (DOE) confirmed that a big-time oil price increase is scheduled next week, but did not disclose by how much.

"We don't give the figures and we let the oil players explain," DOE Spokesperson Wimpy Fuentebella said in a message to CNN Philippines.

The price hike comes amid the third week of January when the effects of the additional ₱2.00 per liter in excise tax on fuel products will be felt, according to the Department of Finance.

Fuentebella said the hike could be attributed to U.S. and Kuwait crude oil prices rising, among other global factors.

The DOE earlier said over 400 gasoline stations nationwide have begun charging higher amid the excise tax hike under  the second tranche package of the Tax Reform for Acceleration and Inclusion (TRAIN) law. The law places an additional ₱2 per liter excise tax on diesel and gasoline, ₱1 per liter of kerosene, and ₱1 per kilogram of cooking gas or liquefied petroleum gas (LPG) for 2019.

The government reminded oil players to deplete its existing 2018 oil stocks before imposing the added excise tax on its 2019 stocks.