Pump prices moved closer to P100 per liter in Metro Manila, with the latest round of oil price hikes of P1.65 per liter for diesel, P0.50 per liter for gasoline, and P0.10 per liter for kerosene, taking effect at 6 a.m. on June 28. Read:
P1.65 per liter for diesel, P0.50 per liter for gasoline, and P0.10 per liter for kerosene, taking effect at 6 a.m. on June 28.
World oil prices declined by $3 last week, but this was not reflected in local pump prices as the peso depreciated versus the US dollar and raised the cost of fuel by about P1 a liter, DOE officials said.The peso sank to P54.985, the worst currency performance since Oct. 27, 2005, when it ended at P55.08 to a dollar.
On June 21, the oil companies raised gasoline prices by P0.80 per liter, diesel by P3.10 per liter, and kerosene by P1.70 per liter. “We could have earned at least P117 billion in additional tax revenues in 2018 alone, even with a reduced VAT rate from 12 percent to 10 percent, by removing 78 lines of exemption from some sectors such as the power sector, cooperatives, housing, and economic zones,” he said.
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