Fuel prices to rise on Tuesday, Jan. 16

INQUIRER FILE PHOTO

Oil firms will raise pump prices for diesel and kerosene for the fifth week in a row on Tuesday, Jan. 16, due to the usual movements in international prices and the new tax regime took effect.

Prices of gasoline will also go up after showing no changes last week.

Starting at 6 a.m., the price of diesel will go up by 55 centavos per liter while the price of gasoline will rise by 80 centavos per liter.

As of posting time, those that announced price changes included Petron Corp., Pilipinas Shell Petroleum Corp., PTT Philippines Corp., Eastern Petroleum Corp., Flying V, Seaoil Philippines Inc., Phoenix Petroleum Philippines Inc., and Total Philippines Corp.

Petron, Shell, Flying V and Seaoil will also raise prices of kerosene by 55 centavos per liter.

Based on data from the Department of Energy, diesel prices in Metro Manila are now in the range of P34.10 to P39.20 a liter while those of kerosene would not be between P38.71 to P48.35 a liter.

Prices of gasoline with an octane rating of 95 did not change and remain in the range of P43.85 to P53.71 a liter.

Under the first year of Tax Reform for Acceleration and Inclusion (Train) law, which is this year, taxes on gasoline will rise by P2.97 per liter including VAT. Before Train, gasoline was levied at a total of P4.87 per liter.

Also, diesel will now be taxed at P2.80 per liter including VAT while kerosene will be levied at P3.36 per liter.

By 2020, taxes on gasoline will be at P11.20 per liter; diesel at P6.72 per liter; kerosene at P5.60 per liter. /atm