Old fuel stocks not affected by higher excise taxes

The Department of Energy (DoE) reiterated on Wednesday that old fuel stocks still to be sold to consumers would not be subjected to higher excise taxes on petroleum products, adding that it is watching out for possible profiteering.

In a press briefing, Energy Undersecretary Felix William Fuentebella said these taxes should not be imposed on fuel products already in retail outlets before the Tax Reform for Acceleration and Inclusion Act (Train) took effect on Monday.