THE proposed measure that will give the President authority to temporarily suspend or reduce excise tax on fuel amid the oil crisis due to the Middle East conflict has already been submitted to the Office of President Ferdinand Marcos Jr.
This was confirmed by Senate President Vicente “Tito” Sotto III, saying: “Transmitted to OP (Office of the President) suspension of excise tax and the Barmm elections postponement.”
Under the proposed measure, the President's decision to suspend or reduce excise taxes on petroleum products should be based upon the recommendation of the Development Budget Coordination Committee (DBCC) in coordination with the Department of Energy.
It also gives the President authority to cut or suspend fuel excise taxes for up to six months if Dubai crude oil exceeds $80 per barrel for at least one month.
The authority, however, will only be available until December 31, 2028.
As of March 9, the price of Dubai crude had already breached $100 per barrel, raising fears of higher fuel costs in the Philippines and other oil-importing countries.
At present, excise tax for diesel in the country is at P6 per liter while P10 for gasoline. (TPM/SunStar Philippines)