Friday, October 22, 2021
HomeCustoms & TradeTariff on oil imports up 2% in March

Tariff on oil imports up 2% in March

THE Department of Energy (DOE) is raising the tax on oil imports to 2% from 1% starting next month, after the international price trigger points were breached.

The tariff level was at 3% in January but was cut early this month to 1%.

The DOE said the per liter price of diesel could see a 50-centavo uptick because of the impending adjustment.

Based on implementing rules on the oil tariff rate adjustment, the tariff on crude and diesel would be adjusted by 1 percentage point when certain Dubai crude and Singapore Mean of Platts diesel price trigger points are met.

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