Hefty oil price hike set Tuesday

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FILE PHOTO

Metro Manila (CNN Philippines, January 14) — Pump prices are set to increase starting Tuesday, January 15, amid the implementation of higher oil excise tax and increasing cost of petroleum in the global market.

The following oil companies have announced hefty fuel price adjustment beginning 6:00 am tomorrow:

Shell:

Gasoline: +₱1.40/liter

Diesel: +₱2.30/liter

Kerosene: +₱2/liter

Petron:

Gasoline: +₱1.40/liter

Diesel: +₱2.30/liter

Kerosene: +₱2/liter

PTT Philippines:

Gasoline: +₱1.40/liter

Diesel: +₱2.30/liter

Petro Gazz:

Gasoline: +₱1.40/liter

Diesel: +₱2.30/liter

SEAOIL:

Gasoline: +₱1.40/liter

Diesel: +₱2.30/liter

Kerosene: +₱2/liter

Jetti Petroleum Inc.:

Gasoline: +₱1.40/liter

Diesel: +₱2.30/liter

Phoenix Petroleum:

Gasoline: +₱1.40/liter

Diesel: +₱2.30/liter

Flying V:

Gasoline: +₱1.40/liter

Diesel: +₱2.30/liter

Kerosene: +₱2/liter

The Energy Department earlier announced that a big-time oil price increase would be imposed this week, but did not disclose by how much.

The agency attributed the increase to the implementation of the additional excise tax on petroleum products under the second tranch of the Tax Reform for Acceleration and Inclusion law.

According to the DOE, over 400 gasoline stations nationwide have begun charging higher amid the excise tax hike under tax reform law, which 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.

It also said the price adjustment could be due to the U.S. and Kuwait crude oil prices rising, among other factors.