Economy

Pump prices to remain stable despite OPEC cut

Date Published (mm/dd/yyyy): 
12/17/2018

Domestic pump prices will likely remain steady even as the Organization of Petroleum Exporting Countries decided to cut back production starting January, an oil official said.

 

“I’m hoping a stable pricing with minimal increase or decrease of prices. No sharp movement on either direction with a more balance supply and demand situation after the announced cut of 1.5 million barrels daily,” Eastern Petroleum president Fernando Martinez said.

 

DOE: 444 retail stations now charging higher excise taxes on fuel

Date Published (mm/dd/yyyy): 
01/10/2019

More than 440 retail stations out of the 8,600 across the country are now using the second round of excise taxes on prices of petroleum products under Tax Reform for Acceleration and Inclusion (TRAIN) law, the Department of Energy (DOE) said Thursday.

 

The fuel stations are those of Flying V, Petron Corp., and Pilipinas Shell Petroleum Corp, DOE Energy Undersecretary Felix Fuentebella said during a press conference in Taguig City.

 

“Sila mismo nagsabi sa DOE … ‘We are implementing these already’,” Fuentebella told reporters.

 

Fuel firms wringing consumers warned

Date Published (mm/dd/yyyy): 
01/09/2019

In yet another warning to delinquent petroleum retail outlets exploiting the recent world price hikes to their advantage, Energy Secretary Alfonso Cusi yesterday cautioned fuel distributors to “cooperate, don’t violate” or they will have to face the consequences of their wringing of the consumers.

 

This developed as Cusi reiterated that there is an urgent need for retail outlets to heed the implementing guidelines for the second tranche of fuel excise tax. Failure to do so will mean closure of the erring companies.

 

Gas firms face padlock

Date Published (mm/dd/yyyy): 
01/07/2019

President Rodrigo Duterte’s economic team led by Energy Secretary Alfonso Cusi moved swiftly yesterday to prevent profiteering after the second tranche of the excise tax increase on oil products took effect, with oil distributors being warned of closure.

 

We have reached out to our stakeholders, especially the oil companies, for their cooperation

 

The decisive act on retailers seeking to take advantage of the reform law also won praises from legislators.

 

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