Philippines May Suspend Fuel Taxes Again as Crude Oil Prices Surge
The Philippines' Department of Energy (DOE) has certified that Dubai crude oil prices have surpassed the $80-per-barrel mark, potentially triggering a renewed suspension of excise taxes on kerosene and liquefied petroleum gas (LPG). The Department of Finance (DOF) is pushing for the revival of tax relief measures.
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- Philippines: Fuel Tax Suspension Looms as Oil Prices Breach $80 Threshold
The Philippine government has officially certified that Dubai crude oil prices have breached the $80 per barrel threshold, opening the door for the President to suspend or reduce excise taxes on petroleum products. This move is expected to provide relief to citizens struggling with rising prices of gasoline, diesel, and kerosene.
- Philippines Considers Fuel Tax Suspension Amid Oil Price Surge
The Philippine government is considering a temporary suspension of fuel excise taxes due to a surge in oil prices. The Department of Energy certified that Dubai crude prices have breached the threshold, submitting it to the DBCC. However, the Energy Secretary warns of no signs of price drops, indicating sustained high prices.