Per the directive from the Department of Energy (DOE), fuel prices are expected to increase after January 15, after their declared fuel stocks in their depots have been deleted. However, it looks like excise tax has already kicked in for the ‘Big 3’ as a report by CNN Philippines circulates, stating a fuel price increase in Petron, Shell, and Caltex.
We called the respective oil companies to affirm the news. Petron Corporation was the first to confirm the price increment in the majority of their gas stations in Luzon.
Pilipinas Shell said the same, backing the report of increased prices due to excise tax, albeit, in Luzon only.
On the contrary, Chevron Philippines Incorporated, marketer of Caltex fuels, said that they don’t have any official increase yet. When asked about the reports regarding their prices, they stood by their word about the issue.
The rest of the fuel stations of the Big 3 in Visayas and Mindanao, as well as the other small time oil players, are expected to follow suit as soon as their fuel depots run out. This is in relation to their inventory reports submitted to the DOE.
Only 150 units will be sold.
It will boost engine production from 30,000 to 100,000 units per year.
Passenger cars and commercial vehicles are big sellers