TRAIN, new ship fuel policy to drive up oil prices

said there should be no increases in prices of basic necessities and prime commodities because of favorable factors: lower water and power rates.

Energy Secretary Alfonso G. Cusi reiterated that the manner of implementation of the last tranche of excise taxes would be the same as last year, stressing that oil companies would have to sell all of their existing inventories first before imposing the higher taxes on new products to be shipped at their terminals and subsequently sold at the retail pumps of gasoline stations.

The higher excise taxes for oil commodities are revenue-generating measure for the State coffers so it could raise much-needed hard cash that could help finance the line-up of infrastructure projects for the country. Based on the numbers crunched by the energy department, the cost impact of the stricter sulfur content on shipping fuel will amount to ₱5.0 to ₱7.0 per liter – and that is expected impacting on domestic prices between March to April next year.

Power generation companies have sounded off early on that the shift of shipping vessels to low sulfur-content marine fuel could hike freight costs that will in turn result in higher pass-on cost effect to the electricity consumers – and that will likely be felt in the power bills around March to April next year.

Consumer group Laban Konsyumer, Inc. President Victorio Mario Dimagiba said the lower power and water rates should help maintain the prevailing prices or the Suggested Retail Prices of BNPCs. The lower power and water rates should also offset the added cost on goods and services due to the implementation of the third tranche of the excise taxes on fuel products.

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