MANILA, March 12 (Bernama-PNA) -- President Ferdinand R. Marcos Jr. has certified as urgent a bill granting him the authority to temporarily suspend or reduce the excise taxes on petroleum products during national or global economic emergencies, Philippines News Agency (PNA) reported.
The move comes as fuel prices in the Philippines climbed due to volatile global oil markets triggered by escalating tensions in West Asia, particularly concerns over possible disruptions in key energy supply routes, such as the Strait of Hormuz, one of the world’s most critical oil shipping lanes.
In a letter to House of Representatives Speaker Faustino “Bojie” Dy III on Thursday, Marcos certified as urgent House Bill 8418 “to allow the government to respond promptly to extraordinary fuel price volatility and stabilise domestic fuel prices during the period of severe economic disruptions.”
The measure is among the contingency measures the government is preparing to address the rising fuel prices amid the ongoing crisis in West Asia.
Marcos has assured the public that the planned excise tax cut is just temporary.
This week, the prices of diesel, gasoline and kerosene increased by around PHP10 per litre after Iran blocked portions of the Strait of Hormuz, where one-fifth of the world’s oil supply passes through.
-- BERNAMA-PNA
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