- The Department of Energy (DOE) stated that a new law is needed to remove VAT on petroleum products, as it is mandated by the National Internal Revenue Code.
- Removing VAT on fuel would require Congressional action and could result in significant government revenue losses, estimated at PHP170 billion per year.
- The DOE is monitoring gas stations and oil firms to prevent profiteering and hoarding amid rising oil prices due to Middle East tensions.
- Several directives have been issued to ensure fuel quality, fair pricing, and stable supply, with reported declines in profiteering and hoarding cases.
- Oil companies are required to submit weekly reports on price adjustments and their justifications.
Source: pna.gov.ph
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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