Big-time oil price hike looms in January 2020

MANILA, Philippines – The last tranche of excise tax on fuel will take effect from January to April next year.

This means that the price of gasoline will have an additional P1.12/L; additional P1.68/L on diesel; additional P1.12/L on kerosene and P1.12/L on liquefied petroleum gas (LPG).

In line with this, the Department of Energy (DOE) has previously advised oil companies to submit their respective inventory reports on or before December 31 to make sure that the provisions regarding excise tax on fuel products are properly enforced.

Likewise, the DOE warned oil retailers that they can only impose the second round of the tax hike “on new inventories imported or produced from local refineries in 2019.”

The post Big-time oil price hike looms in January 2020 appeared first on UNTV News.

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