PRESIDENT Ferdinand Marcos Jr. revealed on Tuesday that he is contemplating discussing with Senate and House leaders the possibility of granting him the authority to lower the excise tax on petroleum products should Dubai crude oil prices surpass $80 per barrel. This move aims to help mitigate rising fuel prices amid global market fluctuations.
During a press conference held at Kalayaan Hall in Malacañang Palace, the President explained that this measure is still under discussion and could serve as a useful tool in managing the economic impact of volatile oil prices.
“We haven’t reached that point yet, but if it happens, then perhaps this is something we will need to consider… this is one tool that we might have to use,” Marcos said.
He emphasized that this would be an emergency measure, not a permanent policy. “I will discuss this with the leadership of Congress to see if it’s feasible. It’s going to be an emergency measure, not a permanent one. We will dispose of it as soon as the crisis is over,” he added.
In addition, the Department of Energy has already coordinated with oil companies to ensure that any price adjustments will be implemented gradually. This approach aims to prevent sudden spikes in fuel prices that could burden consumers.
“Prices will not increase abruptly. The products used by the public will be raised gradually, and hopefully, this will lessen the impact on our people during these challenging times,” the President said.
The government’s proactive stance reflects its efforts to cushion the economic effects of global oil price fluctuations and ensure that consumers are protected from sudden increases in fuel costs.
