Marcos on suspending oil excise tax: I’ll be signing it today

President Ferdinand “Bongbong” Marcos Jr. on Wednesday said he would sign into law the measure giving him emergency power to suspend or reduce oil excise tax. 

“Natapos na ang kanilang pag-aaral doon sa batas na ‘yan at nasa amin na. At siguro by the end of today, I will be able to sign that into law already,” Marcos said in a press conference.

(Their study as regards the measure is finished and it's already with us. Maybe by the end of today, I will be able to sign that into law already.) 

''Ngayon, titingnan ngayon natin kailan ang pinakamagandang oras, pinakamagandang – when is the best time to use that new authority because there are conditions within the law that have to be satisfied. But nonetheless, we are trying to determine...'' he added.

(We will determine the best time to use that new authority because there are conditions within the law that have to be satisfied.) 

On Tuesday afternoon, Congress transmitted to the Office of the President the enrolled bill which would grant Marcos emergency powers to suspend or reduce the excise taxes on petroleum products.

The House of Representatives adopted Senate Bill 1982 allowing Congress to do away with the convening of a bicameral conference committee to reconcile the differing provisions of the two versions. 

Data from the DOE showed that diesel prices are seen to spike to as high as more than P130 per liter while gasoline may go up past P100 a liter for March 24 to 30 as the series of mega oil price hikes due to the Middle East conflict enters its third week.

Such presidential power can only be exercised if the average Dubai crude oil price, based on the Mean of Platts Singapore, reaches or exceeds $80 per barrel for one month, or if a national emergency or calamity results in extraordinary increases in domestic fuel prices.

Any suspension will be effective for up to three months.

Should the measure be enacted, the authority granted to the President will remain in effect until December 31, 2028. —AOL, GMA Integrated News