Oil Firms Raise Pump Prices before Third Tranche of TRAIN Law Implementation
With the oil companies yet to reflect the effects of the third tranche of Tax Reform for Acceleration and Inclusion (TRAIN) Law on their products, another round of price adjustment by the pump will be conducted this week.
In their respective advisories, Pilipinas Shell and Cleanfuel announced the second price hike to welcome the year 2020.
According to Shell, they will be increasing diesel prices by Php.40 per liter and Php. 30 per liter on kerosene.
However will cutting down gasoline prices by P.10 per liter by the pump. The price adjustments shall be effective starting January 7, 6AM.
Cleanfuel are also implementing similar price adjustment on fuel products but on a latter date: Wednesday, January 8, shortly after midnight.
Other companies are expected to follow suit.
The price movement is Cleanfuel’s second movement for the year after it seemingly deferred the adjustment made by the oil firms on December 31, 2019.
Cleanfuel raised the prices last January 1, at 12:01am of diesel by Php +0.50/L and Gasoline +0.85/L, the same amount made by competitor in December 31, 2019.