The recent price hike being implemented by oil companies has nothing to do with the second tranche of excise taxes under the Republic Act no. 10963, or the Tax Reform for Acceleration and Inclusion (TRAIN law).
According to Rodela Romero, assistant director of the Department of Energy-Oil Industry Management Bureau, the oil price movement in the international market in the last two weeks have caused the local oil companies to implement price adjustment.
“Karamihan kasi sa atin mga importers talagang two weeks bago dumating ang finished product. Hindi talaga iyon presyo ngayon yung na-monitor namin ngayon,” Romero explained during DZRH’s Isyu.
“For the past two weeks versus the previous week, iyon ang iniimplement natin this week,” Romero added.
According to Romero, the world market increased the price of crude oil due to the announcement of the Organization of the Petroleum Exporting Countries (OPEC) that they will cut production from January to June.
“Nag-react na yung merkado, nagkaroon na ng speculation talaga na yung dami ng supply mawawala na iyon kaya nag-sisimula yung pag-taas,” Romero said.
Aside from the prices in the international market, the DOE official mentioned that domestic oil companies are also influenced by their business costs.
Romero added that oil companies need to exhaust their stock, which should last at least 15 days, since Dec. 31 before increasing the price of their petroleum products based on the second tranche of fuel excise taxes.
“Meron tayong requirement na minimum inventory of at least 15 days. Itong 15 days for all products iyan. Maaring may maunang diesel, may maunang gasoline,” Romero explained.
Romero also said that only a small number of oil companies have informed DOE that they will implement price adjustments due to the second tranche of fuel excise taxes.
She added that fuel stations need to notify the public regarding their price hikes.
“Dapat kapag nag-taas ang gasolinahan makakakita kayo ng tarpaulin na sinasabi nila na merong kadagdagan adjustment ang ganitong klaseng produkto dahil sa excise tax,” Romero added.
“Kung wala yung gaanong tarpaulin na ni-require ng DOE ibig sabihin lumang imbentaryo ang ginagamit pa nila,” the Energy official said.
Meanwhile, Romero assured that the DOE is closely monitoring local oil companies to prevent abuse.