Higher fuel and gas prices may take effect after 15 days: DOE

January 3, 2018

The Department of Energy (DOE) said higher fuel and gas prices caused by an increase in excise tax under the approved tax reform package may take effect after 15 days depending on their existing stocks.

"Usually oil companies have stocks up to 15 days. That is why we have asked them for their inventory as of December 31," said Assistant Energy Secretary Bodie Pulido in a press briefing on Wednesday.

"They have to finish their existing stocks before they can increase their prices. We will ensure they comply," added Bolido.

Energy Undersecretary Wimpy Fuentebella, DOE spokesman, said before the press conference that gasoline prices, now P47.15 a liter will be go up P2.97 for P50.12. Diesel prices will get an addition of P2.80 to the current P36.50 to P39.30. Kerosene will increase to P45.80 after an increase of P3.30. Liquified petroleum gas, now P550 per kilo, will be P570.

Fuentebella said the oil companies have agreed that they will be subjected to frequent checks by the DOE to make sure they are selling their old stock of fuel under the old price.

Energy Secretary Alfonso Cusi assured the public that the DOE is keeping a close watch over oil firms to prevent possible profiteering. DMS