OIL COMPANIES are raising the prices of petroleum products this week to reflect the movement of prices in the international market. Gasoline products will increase by P0.80 per liter after being unchanged last week. Diesel prices will rise by P0.55 per liter or the same increase reported last week. Kerosene prices will also increase by P0.55 per liter, a bigger hike after last week’s P0.30-per-liter adjustment. Those that sent advisories as of yesterday afternoon said they would be implementing the price increase at 6 a.m. on Tuesday, Jan. 16. The Department of Energy (DoE) earlier reminded oil companies to ensure and advise their dealers that old stocks should be sold on the old excise tax rate or at zero-rated excise tax for diesel products. It may opt to check importation notices to check compliance with its advisory.
