Gov’t may suspend fuel excise taxes

May 24, 2018

Malacanang said the government is ready to suspend the excise taxes on fuel products if their prices in the world market continue to increase.

Presidential Spokesperson Harry Roque on Thursday said the suspension would be enforced if the world oil prices hit $80 per barrel.

"We're ready if prices really reach that high, to suspend the collection of excise taxes on fuel products," Roque said.

He added the government may also import petroleum in non-members of Organization of the Petroleum Exporting Countries like Russia and the United States.

"In fact, yesterday I was talking with some government officials, they are looking into possibility of importing cheap gas to those non-OPEC members like Russia and the United States," he said.

Based on the Department of Energy's monitoring, gasoline prices now average at P56.72 per liter, while diesel at P42.85 per liter in Metro Manila.

Prices of oil may further increase, DOE said. Ella Dionisio/DMS