Oil firms will roll back prices of gasoline and kerosene starting this morning.
In separate advisories, Caltex, Cleanfuel, Petro Gazz, Petron, Phoenix Petroleum, PTT Philippines, Seaoil, Shell, and Unioil said they will cut gasoline prices by P0.25 per liter.
Caltex, Petron, Seaoil, and Shell will also slash kerosene prices by P0.10 per liter.
There will be no movement in the prices of diesel this week.
The Department of Energy oil monitor bulletin showed that year-to-date adjustments in gasoline prices had a net increase of P6.80 per liter, P4.65 per liter for diesel, and P3.55 per liter for kerosene.
In world oil prices trading between March 29 and April 2, Dubai crude increased USD0.60 per barrel week-on-week while Means of Platts Singapore price for gasoline went up by USD2 per barrel and diesel by USD0.25 per barrel.
Over P35 billion has been collected from duties and taxes under the Fuel Marking Program in the first quarter of the year, the Bureau of Customs reported.
In a statement, the bureau said it earned P35.84 billion from the markings of a total of P4,193,480,138 liters of kerosene, diesel, and gasoline from January to March 2021.
The BOC is mandated to mark fully paid imported petroleum products under the program.
It added that the markers serve as identifiers during field testing to determine the presence of illicit fuel in the market.
Starting from its implementation in September 2019 until last month, the BOC and the Bureau of Internal Revenue have marked a total of 21.7 billion liters of fuel.
It, so far, collected P211.73 billion in duties and taxes under the program, that aims to raise revenues while curbing fuel smuggling and leveling the Philippine oil industry’s playing field.*PNA