New Year’s bang: Oil prices go up Jan. 1 due to excise tax

Credit to Author: Tempo Desk| Date: Sun, 29 Dec 2019 06:01:00 +0000

Prices of gasoline and other oil products will go up from P1 to P1.50 per liter starting New Year’s Day following the upward adjustments of the excise tax imposed on them.

The Bureau of Internal Revenue said the new tax schedule covered the third and final round of excise tax increases on petroleum under Revenue Regulations No.2-2018 which implemented Section 82 of the Tax Reform for Acceleration and Inclusion Law.

The BIR, however, advised oil companies as well as gas station operators to consume their old inventories first before applying the new rates.

Under the law, gasoline, kerosene, Liquefied Petroleum Gas, and lubricating oils are increased by P1 per liter.
Diesel goes up by P1.50 per liter.

Accordingly, the tax rates fo
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