Iloilo City Mayor Jerry Treñas is in favor of suspending the imposition of the 12 percent value-added tax (VAT) on gasoline, diesel and other oil products.
Exempting oil products from VAT, according to Treñas, would be a big help especially for public transport drivers and operators.
“[Iloilo City] supports the suspension of the 12 percent VAT on fuel during these times when there has been continuous increases in the price since last year,” the mayor said in a statement.
Since the start of the year, prices of gasoline have already increased by P7.95 per liter while diesel and kerosene prices have risen by P10.20 and P9.10 per liter, respectively.
The Department of Energy (DOE) attributed the sustained increase in oil prices to the steady increase in the cost of petroleum products in the international market.IMT
