Palace Assures Sufficient Fuel Supply Amid Rising Oil Prices; Excise Tax Suspension Unresolved

Malacañang on Wednesday assured that the country has adequate supplies of fuel despite the Dubai crude oil price breaching the $80-per-barrel threshold due to escalating tensions in the Middle East. However, a decision on the possible suspension of excise taxes on fuel products has yet to be made. In a press briefing, Palace Press Officer Claire Castro stated that the Development Budget Coordination Committee (DBCC) has not yet issued a recommendation regarding the suspension of excise taxes. When asked about the country's fuel supply, Castro affirmed, "There are enough." She added, "In the last meeting between the President and Secretary Sharon Garin, it was proven that there are enough supplies because that is what the President wants, that the country does not run out of crude supplies." The Department of Energy has indicated that it does not foresee fuel prices decreasing soon due to the ongoing Middle East tensions. According to Castro, the Unified Package for Livelihoods, Industry, Food, and Transport (UPLIFT) remains in effect. Although there is no specific line item for UPLIFT in the 2026 budget, funds are allocated to agencies as needed from savings and unimplemented projects. Castro further mentioned that President Ferdinand "Bongbong" Marcos Jr. would act swiftly once a recommendation on the excise tax suspension is presented. Philippine economy is significantly influenced by global energy price fluctuations. Particularly, rising crude oil prices, reliant on imports, can directly impact citizens' lives by increasing transportation costs and fueling inflation. The government faces the urgent task of seeking measures to alleviate the burden on its citizens while ensuring supply stability. While the suspension of excise taxes is anticipated as a temporary price control measure, the impact on government revenue must also be considered.