Palace: Fuel price hike won’t immediately take effect on January 1

Saturday, January 6th, 2018. Filed under: Hometown News Philippine News

MANILA, Jan 1 (Mabuhay) — The fuel price hike due to the new excise tax rates will not be immediately effective on the first day of January 2018, Malacañang reminded the public on Monday.

“The increase is not expected to take effect immediately on January 1… as it takes a few days for the 2017 old stocks to be used up this week because the excise is not levied as a port of importation or refinery,” Presidential Communications Secretary Martin Andanar said.

Andanar said that the reminder was from Finance Secretary Carlos Dominguez. He also warned consumers against those who would take advantage of the new excise tax rates.

“Actually nakatanggap po ako ng isang paalala mula po kay Secretary Sonny Dominguez, at ang sabi niya po, iyong increase po ng langis is not expected to take effect immediately on January 1 sabi niya,” he said.

“Sapagkat, it takes a few days bago maubos iyong stocks noong 2017. Ngayon iyong excise tax sabi niya, ay binayaran po doon sa port of importation for refinery. Oh so therefore, kailangan po nating mag-ingat kasi baka mayroon pong mga kababayan natin na talagang mananamantala,” Andanar added.

The Department of Energy on December 31, 2017 clarified that the new excise tax rates would not affect the prices of petroleum products during the first weeks of 2018.

In its advisory, the DOE told retailers not to charge the new excise tax on old stocks.

Gasoline prices may increase by P0.15 per liter, diesel by P0.60 per liter and kerosene by P0.55 per liter, based on last week’s international oil trading, the DOE said.

Meanwhile, the department also reiterated that it had imposed a price freeze on kerosene and household liquefied petroleum gas in calamity areas. (MNS)

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