SENATOR Sherwin Gatchalian on Wednesday urged the Department of Energy (DOE) to create a task force that will closely monitor the implementation of the new round of increases in excise tax on fuel this January.
The creation of the task force, he said, is aimed to protect consumers from “premature price increases and profiteering.”
The third and last tranche of tax hike on petroleum products under the Tax Reform for Acceleration and Inclusion (TRAIN) law takes effect January 1, 2020.
The estimated rate impact on pump price for gasoline would be around P1.12 per liter, inclusive of 12 percent value-added tax. For diesel and kerosene, the price increment will be P1.68 per liter and P1.12 per liter, inclusive of VAT.
“Kailangan paigtinging mabuti ng Department of Energy (DOE) ang pagbabantay laban sa hoarding at profiteering sa bansa ngayong nakaamba ang dagdag na excise tax sa huling pagkakataon,” Gatchalian said in a statement.
“Huwag na nating hayaan ang ilang mapagsamantalang retailers na ibenta sa mataas na halaga ang kanilang mga lumang imbentaryong produkto, gayong nabili nila ito bago pa man maimplementa ang third tranche ng excise tax sa fuel,” he said.
According to the DOE, the new round of tax adjustments are only applicable to new stocks imported beginning January 1, 2020 and that old stocks should be depleted before the new price schemes reflecting the new duties will be implemented. (GMA News)
