OIL COMPANIES will be raising the prices of petroleum products this week, with diesel and kerosene both rising by P0.50 per liter and gasoline by P0.35/L. The price rise reflects the movements in the international petroleum market, the oil companies said. This week’s price adjustment comes after the Department of Energy (DoE) earlier told oil companies to advise their dealers that pump prices should reflect stocks that had been imposed the new excise tax rates. DoE said old stocks should be sold on the old excise rate or at zero-rated excise tax for diesel products. The DoE previously said that oil companies should have a buffer covering 15 days of stocks before the new levies should be imposed. The new taxes took effect at the start of the year. — Victor V. Saulon
