Marcos on suspending oil excise tax: We’ll see

Despite certifying the measure as urgent, President Ferdinand “Bongbong” Marcos Jr. said exercising the emergency power to temporarily suspend or reduce the oil excise tax is yet to be determined. 

According to Marcos, the emergency power will be implemented depending on the trends of oil prices.

“That depends… Marami, that's a very complicated calculation… We will see. Depends on the trends. We have to watch the trends on oil prices. We just have to look. It's very hard to say because it's all speculation. We don't know how long this will last for,'' Marcos told reporters.

"We don't know what the effects are. We don't know what will happen in the Strait of Hormuz. So, you know, right now, we are just adjusting to the situation. And when the situation calls for it, then we will see when to exercise that power and by how much,'' he added.

Recently, Iran's military command warned that oil prices may reach as high as USD$200 per barrel. It has effectively shut Strait of Hormuz, through which 20% of the world's oil and liquefied natural gas pass.

Due to this, fuel prices continue to increase, some as high as P100 per liter, as oil companies implement staggered adjustments.

The Senate on Tuesday unanimously approved on third and final reading, the measure granting emergency powers to Marcos.

The measure grants the President emergency powers when the average Dubai crude oil price exceeds $80 per barrel for one month immediately preceding the suspension or reduction of the excise tax. 

The House of Representatives on Monday approved its counterpart measure on third and final reading. 

Despite the skyrocketing fuel price hikes in recent weeks the President said earlier that, “Everything is normal. No need to hoard.” —VAL, GMA Integrated News