Only two oil firms have so far implemented the third and last tranche of the increased fuel excise tax, raising retail prices effective this month.
Energy assistant secretary Leonido Pulido III said 267 retail stations of Pilipinas Shell Petroleum Corp. nationwide and 9 stations of PTT in Luzon are now using the updated excise tax rates.
Pulido said DOE is validating if these stations complied with the protocols in implementing the updated fuel tax scheme.
Notably, implementation of increased fuel excise tax will vary per retail station depending on exhaustion of old stocks.
The third and last tranche of fuel excise tax pegs an additional P1.12 levy on both gasoline and kerosene and P1.68 on diesel.
All in all, the three tranches of increased fuel excise tax caused an additional cost of P6.33 per liter for gasoline, P6.72 per liter for diesel and P5.60 per liter for kerosene.
The Philippines currently implement a minimum inventory requirement of 15 days for finished products, 30 days for crude and 7 days for liquefied petroleum gas.
