Oil price hike today

January 07, 2019

Major oil firms yesterday announced price increases on fuel products effective 6 a.m. today.

Petron Corporation, Pilipinas Shell and Chevron Philippines will raise  gasoline prices by P0.80 per liter, diesel by P0.70 centavos and kerosene by P0.40 centavos per liter.

Independent oil companies PTT Philippines and Petro Gazz and other oil firms have yet to announce their price adjustments.

The oil firms stressed the price increases were due to the movement in international market and not the effect of the second tranche of TRAIN law.

Meanwhile, the Department of Energy (DoE) assured the public it has taken measures to prevent abuse and ensure fair and effective implementation of the taxation scheme.

“The Department of Energy is mandated to ensure that the pricing of oil products is carried out within the parameters of the TRAIN Law,” Energy Secretary Alfonso G. Cusi said.

“Over the process of the implementation of the first tranche of the TRAIN Law, we have reached out to our stakeholders, especially the oil companies for their cooperation and we will continue our coordination with them throughout the second tranche,” Cusi added.

He stressed that the DoE will be even more vigilant in monitoring the implementation of the second tranche of the TRAIN Law for petroleum products.