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FOLLOWING the continuous increase in world oil prices,
the Department of Energy (DOE) has certified and
maintained the current level of 1-percent import duties
on petroleum products next month.
“We [the
DOE] have already signed the certification for the
1-percent tariff on imported fuel products for the month
of May,” Energy Secretary Angelo Reyes said Monday.
The
Energy chief said they just decided to maintain the
import duty this month to next month, as well.
Reyes
said the 1-percent tariff will just ease pressure. “But
if [the] upward trend continues, local oil companies can
opt to increase their prices,” said Reyes.
The cut
in import duties will result in a reduction of 25
centavos per liter for all products and 50 centavos for
diesel. The trigger point for cutting import duties from
3 percent to 2 percent is $83 per barrel for Dubai and
$105 for Mean of Platts Singapore (MOPS)-based diesel,
including cost of freight and insurance premiums.
The
trigger point to cut import duties from 2 percent to 1
percent is at $92 per barrel for Dubai crude and $110
for MOPS-based diesel.
For a
zero import duty, the trigger point is set at $103 per
barrel for Dubai and $115 per barrel for MOPS-based
diesel; however, this excludes cost of freight and
insurance premiums. |
