THE Department of Finance (DOF) is awaiting certification from the Department of Energy (DOE) that Dubai crude oil prices have breached $80 per barrel, a threshold that could trigger the suspension of excise taxes on petroleum products.
Finance Secretary Frederick D. Go is prepared to recommend to the Development Budget Coordination Committee (DBCC) the 100-percent suspension of excise taxes on liquefied petroleum gas (LPG) and kerosene, subject to the President’s approval, the DOF said Friday, Sept. 11, 2026.
The move comes as global crude oil prices have topped $100 per barrel amid renewed military action between the United States and Iran.
Under Republic Act 12316, the President may suspend or reduce fuel excise taxes upon the DBCC’s recommendation when the average Dubai crude price, based on Mean of Platts Singapore, reaches or exceeds $80 per barrel for the preceding month.
The suspension may cover specific petroleum products and may be implemented fully or partially for up to three months.
President Ferdinand Marcos Jr. in April issued an executive order suspending excise taxes on several petroleum products for three months after Dubai crude rose to around $93.71 per barrel amid the Middle East crisis.
Global oil price increases have pushed domestic pump prices higher. This week, kerosene prices rose by P5.58 per liter, gasoline by P4.69 and diesel by P5.18, according to DOE data.
Diesel and gasoline prices now range from P80 to P100 per liter.
Despite rising prices, the DOE has said domestic fuel supply remains adequate. / PNA
