Motorists queue for fuel at a gas station in Pasig City on October 10, 2022, a day before a new round of oil price hike takes effect. Mark Demayo, ABS-CBN News

FUEL PRICE HIKE

Benise Balaoing

Alvin Elchico

ABS-CBN News

<p style="margin-bottom:0px;line-height:normal">MANILA<strong> (3rd UPDATE) </strong>— Oil prices are jumping in the middle of October. </p><div style="margin-bottom:0px;line-height:normal"> </div><p style="margin-bottom:0px;line-height:normal">Companies announced the following price hikes effective Tuesday, October 15:</p><div style="margin-bottom:0px;line-height:normal"> </div><p style="margin-bottom:0px;line-height:normal"><strong>SHELL PILIPINAS, CALTEX, SEAOIL (effective 6 a.m.)</strong><br/>Gasoline - P2.65/liter increase<br/>Kerosene - P2.60/liter increase<br/>Diesel - P2.70/liter increase</p><div style="margin-bottom:0px;line-height:normal"> </div><p style="margin-bottom:0px;line-height:normal"><strong>CLEANFUEL (effective 4:01 p.m.)</strong><br/>Gasoline - P2.65/liter increase<br/>Diesel - P2.70/liter increase</p><div style="margin-bottom:0px;line-height:normal"> </div><p style="margin-bottom:0px;line-height:normal"><strong>PETROGAZZ, JETTI PETROLEUM, PTT PHILIPPINES, UNIOIL (effective 6 a.m.)</strong><br/>Gasoline - P2.65/liter increase<br/>Diesel - P2.70/liter increase</p><div style="margin-bottom:0px;line-height:normal"><br/></div><div><br/></div><div><em><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable fr-active" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/HVxPioq2U2E?&amp;ab_channel=ABS-CBNNewsautoplay=1&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span></em></div><p>Department of Energy Assistant Director Rodela Romero said the main reason for the steep price hike is still the worsening tensions in the Middle East</p><p>The other reasons, are  the effects of hurricane Milton on fuel supplies in the US, as well as higher oil demand.</p><p>Since the start of the year, gasoline have already climbed by a net P9.05 per liter. Diesel also has a P6.75 per liter net increase.</p><p>Kerosene prices, on the other hand, fell by P2.75 per liter net.</p><div><strong>BAYAN MUNA RALLY</strong></div><p>Meanwhile, national democratic activist group Bayan Muna staged a protest demanding the removal of the 12 percent value-added tax (VAT) on fuel products.</p><p>The group said the additional tax further pushed fuel prices up, which leads to higher prices of commodities because of steeper transport costs.</p><p>As fuel prices rose, government&#x27;s take also increases as the absolute value of 12 percent also bloats.</p><p>For example, if gasoline is at P55/liter, then the 12 percent VAT is just P5.89/liter. But once the product reaches P60/liter, the VAT becomes P6.43/liter—an increase in government revenue of more than P5/liter.</p><p>But the DOE said tax issues are tackled by the Department of Finance, though VAT collections certainly help government programs for the underprivileged.<em></em></p>

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Oil prices jump in middle of October

Oil prices jump in middle of October

Benise Balaoing,

Alvin Elchico,

ABS-CBN News

Published Oct 14, 2024 09:43 AM PHT

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Updated Oct 14, 2024 03:35 PM PHT

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presyo ng langis

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