Marcos Wants Power to Slash Fuel Taxes — Here's What That Means for Your Gas Bill
President Ferdinand Marcos Jr. dropped a major announcement on Tuesday: he plans to ask Congress for emergency authority to cut excise taxes on petroleum products if Dubai crude oil prices breach $80 per barrel. It's a direct response to the ongoing Middle East conflict that's been sending fuel prices sky-high for weeks now.
Speaking at Malacañan after a Cabinet meeting, Marcos stressed that the Philippines has enough oil stockpiled for about 50 to 60 days — diesel for 50.5 days, gasoline for 51.5, kerosene for 67.5, and jet fuel for 58. "Let me immediately allay the fears of everyone," the President said, assuring that supply is not the problem right now. Prices are.
If Congress grants the power, Marcos said it would be temporary — strictly an emergency measure na ide-dispose agad once the crisis ends. The scenario being considered is if crude stays between $80 and $90 per barrel for at least two months. Kailangan lang daw ng extra tool para protektahan ang consumers.
But wait — may more interventions pa. Marcos also revealed plans for targeted fuel subsidies for transport, agriculture, and fishing sectors. Free rides may also make a comeback once oil prices breach that $80 threshold. The government is basically building a safety net para sa mga sectors na pinaka-apektado ng oil price surge.
Senators are already signaling support, with multiple lawmakers backing the proposal. Rep. Stella Quimbo has even filed House Bill 8257 to formalize the authority. The big question now: gaano kabilis mag-act ang Congress? Because at the rate fuel prices are climbing, every week of delay hits Filipinos right in the bulsa.
Source: Manila Bulletin
