News: Flying V: Oil import tariff cut seen to stabilize prices -
13 Oct 2007
Oil prices in the country will likely remain stable in the next few weeks once government implements the proposed cut in tariff of imported fuel products, an oil company official said.
Flying V chairman and CEO Ramon Villavicencio said oil firms were supposed to recoup another 50 centavos to P1 per liter in under-recovery from oil consumers. But with the planned reduction in duties, Villavicencio said “once the guidelines are set and the tariff reduction is implemented, we hope there would be no more oil price increases.”
Industry sources said the Department of Finance (DOF) and the Department of Energy (DOE) are now finalizing the implementing rules and regulation (IRR) of the tariff cut on imported fuel.
The DOF, they added, is now formulating the trigger levels that would yield a revenue-neutral impact on National Government’s coffer.