House panel tackles proposed measures vs fuel excise tax
MANILA, Philippines — The House Committee on Ways and Means put the proposal to suspend the imposition of additional excise taxes on fuel as the first order of business ahead of the resumption of Congress on Monday (November 8).
House Speaker Lord Allan Velasco said part of the agenda in the resumption of sessions in Congress is the prioritization of measures that will support the reopening of the economy amid the pandemic, following the series of price hikes on petroleum products.
The agenda includes the ratification of the 2022 national budget and the issue of fuel excise taxes.
Velasco said that while the country prepares for an expansive reopening of businesses, authorities must ensure that economic recovery is not impeded by other factors such as the price increases of petroleum products.
“As we prepare for the wider reopening of businesses, we must ensure that our economic recovery will not be hampered by unwelcome disruptions, such as the unimpeded sharp rise in the cost of fuel,” Velasco said.
The House panel is expected to come up with a substitute bill within the week that will guarantee an imposition of taxes on fuel products.
Excise taxes are provided for by law under the Tax Reform for Acceleration and Inclusion (TRAIN) law. —/mbmf (from the report of UNTV Correspondent Nel Maribojoc)
Hefty oil price hike set for Tuesday, January 18
MANILA, Philippines – Another round of oil price hikes will be implemented this week as announced by oil firms on Monday.
In separate advisories, Pilipinas Shell Petroleum Corp., Chevron Philippines Inc. (Caltex), and Seaoil Philippines Inc. said they will adjust the prices per liter of gasoline by P0.90, diesel by P1.80, and kerosene by P2.30.
Petro Gazz and Cleanfuel said they will also implement the same price increases except for kerosene.
The price adjustment will take effect on Tuesday, January 18.
This marks the third straight week of fuel price increases.
Other oil firms have yet to make similar announcements for this week.
Oil prices up anew this week
MANILA, Philippines – Local pump prices of petroleum products will increase anew this week as oil firms announced another round of price hikes.
In separate advisories, Pilipinas Shell Petroleum Corp. and Seaoil Philippines Inc. said they will adjust the prices per liter of gasoline by P0.75, diesel by P1.10, and kerosene by P0.90.
Petro Gazz and Cleanfuel will also implement the same price adjustment except for kerosene.
This marks the second consecutive week of fuel price increases.
The price changes will not be implemented in areas under state of calamity.
The oil price increase will take effect on Tuesday, January 11.
Other oil companies have yet to make similar announcements for the week.
Oil price hike set for Tuesday, January 4
MANILA, Philippines – Local pump prices of petroleum products will increase anew this week as announced by oil firms.
In separate advisories, Chevron Philippines (Caltex), Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. said they will impose a hefty price hike per liter of gasoline by P1.85, diesel by P2.40, and kerosene by P1.85.
Cleanfuel and Petro Gazz said they will also implement the same price adjustment, excluding kerosene.
The big-time price hike will take effect on Tuesday, January 4.
Meanwhile, Cleanfuel announced a rollback in the pump price of its AutoLPG by P1.50 per liter.
The rollback will be effective Monday.