Fuel Price Increase [Merged]

[mazdamazda]

may bago ule?! o are you referring to the price cuts made last week? sensya na indi pa ko nakakalabas today eh last night nung pauwi ako 30.80 pa din ung velocity sa shell (result of the pricecut last week).

anyways sana they lower it further pa din ...

today lang yan. iba pa ung last week.

[geode]

really? nagbaba ule today!? yessss! hehehe :D buti nalang indi ako nagpafulltank last night!

[Monseratto]

Pump price to hit P48/liter due to VAT


Pump price of gasoline could hit P48 per liter once the government imposes the new value-added tax (VAT) law on petroleum products next month, Raul Concepcion of the Consumer and Oil Price Watch (COPW) said Tuesday.

Concepcion said he got the figure from the price estimated by Rex Tantiongco, spokesman of the New Petroleum Players Association and former chairman of the government's Energy Regulatory Board.

"He (Tantiongco) was estimating about P48.30 [per liter of gasoline], something like that," Concepcion told DZMM in an interview. At present, a liter of gasoline averages at P30.

Concepcion said the P48 per liter forecast stemmed from the upward movement of petroleum prices in the world market.

Oil prices set a new record high on Monday as worries about a winter fuel crunch stoked buying by hedge funds and forced OPEC to consider lifting supply quotas again.

He said soaring world crude prices could also push petroleum prices up until next month or after July 1, which is also the new VAT's implementing date.

"The prognosis in the international market is that the prices will continue to go up and [will] not go down for the next three months until they can make up with their increase refining capacity," he said.

Concepcion said a meeting among oil firms, COPW and energy officials would be held to discuss such scenario.

He said oil firms should withhold further adjustments until the meeting pushes through. The meeting is tentatively scheduled this week.

"Unang-una we have to agree sa inventory because 'yung excise tax, mayroon silang excise tax na kailangang bayaran and then 'yung kanilang inventory without excise tax. (We have to agree on inventory and excise tax to be paid and then the inventory without the excise tax)," Concepcion said.

US light crude moved to a record for the second successive session, hitting $59.52 a barrel, before paring gains to settle up 90 cents at $59.37. London Brent futures rose 56 cents to $58.32 a barrel, having hit a peak of $58.58.

US contracts for the last four months of the year, when oil demand seasonally picks up in the Northern Hemisphere, all traded at $60 or above, with December crude breaking $61.

[zechs]

P48/LITER???? grabe naman!!

[Karding]

hindi na bababa yan, blame it on the US Admin and SUVs in the US! yey! :hihihi:

It seems like getting a pay raise is more realistic than the gas price coming down.

Gas price in California went up .04 cents per gallon compared to last week.

[ILuvDetailing]

My goodness...

[falken]

P48/ltr ?!! Hmmm... Ipapaconvert ko na kotse ko ala Fred Flintstone's car.

[Josh0027]

Sabi sakin Php5 ang increase ngayon effective... after that new VAT implementation today...

[FrankDrebin]

Kasama ba ang diesel?

[66bunny]

P5 increase ngayong June 30? Is this true for all stations?