Another oil price hike, the 3rd for this month

Petroleum price hike

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MANILA – Another fuel increase was imposed at 6am today, Tuesday, January 22. The 3rd in a span of three weeks.
Phoenix Petroleum, Caltex, Shell, Flying V, Total, Petro Gazz, Seaoil, and PTT Philippines announced that there will be a P0.10 per liter increase on gasoline and a P0.40 per liter hike on diesel.
Meanwhile, kerosene prices of Caltex, Shell, Flying V and Seaoil will increase by P0.15 per liter.
According to Energy Undersecretary Felix William Fuentebella that the latest price hike is because of weak sentiments in the Asian gasoline market despite the excess in regional supply.
Over 22% or 1,951 gas stations out of 8,630 have already implemented the second round of the fuel excise tax hike stipulated in the Tax Reform for Acceleration and Inclusion (TRAIN) law, DOE said.
Excise taxes on diesel and gasoline under the TRAIN law would be increased by P2 per liter this year, and will increase by another P1.50 per liter in 2020.
Price hikes under TRAIN will only be suspended if Brent crude prices will be over $80 per barrel in the global market.

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