Taxes restored
The taxes were restored after the Department of Energy (DoE) certified that the average Dubai crude oil price in June dropped below the $80-per-barrel trigger under Executive Order (EO) 114, settling at $79.45 per barrel.
The BIR said the reimposition took effect “without need of further issuance,” in line with Section 3(i) of EO 114.
The order, signed on April 16, temporarily suspended excise taxes on selected petroleum products for up to three months to shield consumers from elevated global oil prices.
Ends automatically
It also provides that the tax suspension ends automatically once the monthly average Dubai crude price falls below $80 per barrel or when the three-month period expires, whichever comes first.
The DoE’s latest Oil Monitor showed Dubai crude prices fell by about $2.40 per barrel week on week as improved supply weighed on the market, although domestic fuel prices remained under pressure.
Pump prices raised on Tuesday
Oil companies on Tuesday raised pump prices by P0.20 to P0.25 per liter for gasoline, P3.20 to P3.57 per liter for diesel, and P1.70 to P3.70 per liter for kerosene, bringing the year’s cumulative increases to P45.27 per liter for gasoline, P35.13 per liter for diesel, and P32.42 per liter for kerosene.
