You may have heard that fuel prices are bound to go up after the approval of the Tax Reform for Acceleration and Inclusion Act. Under the revised taxation scheme, previously untaxed diesel oil will have the following excise duties in the next three years:
- P2.50/L in 2018
- P4.50/L in 2019
- P6.00/L in 2020
Meanwhile, regular and unleaded gasoline fuels, which were previously taxed P4.35/L, will have the following excise duties during the same period:
- P7.00/L in 2018
- P9.00/L in 2019
- P10.00/L in 2020
The question on every motorist’s mind right now is this: Are we to expect an immediate increase in fuel pricing come January 1, 2018? The answer, according to the Department of Finance, is no.
In an advisory posted to its Facebook page today, the DOF says the price increase shouldn’t take effect immediately “as it takes a few days for the 2017 oil stock to be used up.” In other words, what car owners will be buying at fuel stations in the coming days has already been levied using the outgoing taxation scheme. The DOF adds that petroleum companies that will jack up its fuel prices on the first day of the new year could be guilty of profiteering.
“Be vigilant,” the DOF encourages the public.
The government department, however, has not spelled out concrete steps that people can take should they suspect a fuel station to be taking advantage of the situation. We guess we can all just take photos—the pricing signs, the receipt, the fuel station itself—and send these to authorities with our specific complaint. Good luck.