Energy Dept confirms fuel price hike this week

ABS-CBN News

Posted at Jan 06 2019 10:15 AM

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MANILA - The Department of Energy confirmed on Sunday that consumers can expect fuel price hikes this week after world oil prices climbed last week.

Energy Undersecretary Wimpy Fuentebella said that based on their monitoring of the price of oil on the world market, the cost of gasoline and diesel may increase by "less than P1" per liter this week, while kerosene will be higher by "less than 50 centavos."

The price increases are not related to the higher excise taxes on fuel, which took effect at the start of the year, Fuentebella said.

The Energy official maintained that the new excise taxes will only be applied to new stocks from refineries and new imports.

"Ang TRAIN law, ang tranche no. 2 ay ina-apply po sa new stock-- yung lumabas sa refineries ng January 1, yung lumabas sa mga ports ng nag-iimport ng Jan. 1," Fuentebella said in an interview with DZMM Teleradyo.

Fuel prices meanwhile will remain frozen in areas that were placed under a state of calamity. The price freeze is effective for 15 days, starting from the declaration of the state of calamity, he said.