PRESIDENT Ferdinand R. Marcos Jr. on Wednesday said the government is carefully assessing global oil price trends before deciding on the possible suspension of excise taxes on fuel, citing uncertainties surrounding the duration and impact of the ongoing conflict in the Gulf region.
“Depends on the trends. We have to watch the trends on oil prices,” the President said in a media interview following his price and supply monitoring in San Juan City.
“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. We don’t know what the effects are. We don’t know what will happen in the Strait of Hormuz,” President Marcos said.
The President emphasized that the government remains flexible in responding to evolving global developments and will act when necessary.
“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,” the President added.
President Marcos assured the public that the country currently has no problems with the supply of petroleum products, including fuel-based fertilizer for the farmers.
Under the approved measures granting the President authority to suspend or cut excise taxes on petroleum products to ease the impact of rising crude oil prices, both the Senate and the House of Representatives allow such action when the average price of Dubai crude oil hits around US$80 per barrel.
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