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Fuel prices up again this week

By Kris Crismundo

June 22, 2020, 5:00 pm

MANILA – Oil firms have announced another increase in their prices starting Tuesday morning.
 
In separate advisories, Cleanfuel, Flying V, Petro Gazz, Petron, PTT Philippines, Shell, Seaoil and Total said they will raise diesel prices by PHP0.85 per liter, and PHP1.05 increment per liter of gasoline products.
 
Flying V, Petro Gazz, Petron, Shell and Seaoil will also implement an increase in prices of kerosene by PHP0.30 per liter.
 
Fuel prices have been rising since the Organization of the Petroleum Exporting Countries (OPEC) and its allies started to pump less crude oil in May to counter the falling trading prices.
 
As of writing, West Texas Intermediate (WTI) oil is trading at USD39.75 per barrel while Brent crude is selling at USD42.19 per barrel, better than last week’s prices.
 
In the local market, the 10-percent additional tax on crude and petroleum products also pushed firms to increase fuel prices.
 
Under Executive Order No.113, the government temporarily imposed on May 2, 2020 an additional 10-percent tax on imported petroleum products. 
 
Additional revenues of the government will be used for its coronavirus disease 2019 (Covid-19) response.
 
Energy Secretary Alfonso Cusi has already assured that his department will monitor the proper implementation of the additional tax.
 
“Upon the release of EO 113, our Oil Industry Management Bureau immediately met with industry stakeholders to discuss the way forward, including their strict compliance with the EO’s guidelines,” Cusi said. (PNA)
 
 

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