MANILA, Philippines — President Ferdinand Marcos Jr. said he intends to certify as urgent the bill that would grant him emergency powers to temper skyrocketing petroleum costs.
In an interview following his address at the Special Plenary Session of the United Nations General Assembly (UNGA) in New York on Tuesday, Marcos said the government may reduce excise taxes on fuel but only after legislation and once global oil prices reach a specific threshold. Malacañang is awaiting the committee reports from the Senate and the House of Representatives to be completed.
“What we ask of the legislators is very simple. It’s that when the price of oil – at least this is the original version – when the price of oil has breached USD80 per barrel on average for a month, then the emergency powers can be exercised,” Marcos said.
The crisis in the Middle East caused pump prices to spike. Last Tuesday saw a double digit rise on fuel with gasoline prices up by as much as P10.20 a liter, diesel by as much as P24.25 a liter, and kerosene by as much as P38.50 a liter.
The President clarified that reaching or surpassing the threshold does not mean an automatic excise tax reduction.
“The real problem here that everybody is having to deal with is we don't know how long it's going to last. We don't know where the price is going to go. How long is that increase? Is it long-term? Is it permanent? What's going to happen?” Marcos said.
