MANILA — President Ferdinand “Bongbong” Marcos Jr. on Wednesday said the government will only suspend or reduce excise taxes on fuel if global oil price trends warrant such intervention, as tensions in the Middle East continue to cloud the outlook for energy markets.
Speaking to reporters in San Juan City, Marcos stressed that any decision to ease fuel taxes would depend on sustained movements in international oil prices, warning that the situation remains highly unpredictable.
“That depends. Marami. It’s a very complicated calculation. We will see. It depends on the trends. We have to watch the trends on oil prices. We will just have to look. It’s very hard to say because it’s all speculation,” he said.
The President underscored that domestic pump prices are largely dictated by global developments, citing geopolitical risks that could disrupt supply chains, particularly in critical shipping lanes.
“We don’t know how long this will last for. We don’t know what the effects are. We don’t know what will happen at the Strait of Hormuz,” he said.
He added that the government is closely monitoring the situation and stands ready to act if market conditions deteriorate further.
“Right now, we are just adjusting to the situation. When the situation calls for it, maybe we will see when to exercise that power and by how much,” Marcos added.
Despite uncertainties abroad, Marcos assured the public that the country’s fuel supply remains stable, with no immediate disruptions expected.
“We don’t have a problem sa (on) supply, with petroleum products, including fertilizer for the farmers. That’s our main concern,” Marcos said. “So far, we’ve been able to keep everything at normal levels. Everything is normal. No need to worry.”
He said the government remains prepared to intervene to cushion consumers from the impact of potential price spikes.
Both chambers of Congress have already approved separate measures granting the President authority to suspend or reduce excise taxes on petroleum products.
The Senate version allows such action if Dubai crude oil averages at least USD80 per barrel for a month, while the House proposal requires the declaration of a national emergency before the tax adjustment can be implemented./PN
