Presidential aspirant Senator Ping Lacson wants to suspend the excise tax on fuel products as another big-time oil price hike is just around the corner.
“Another round of price hikes in fuel is expected this week and this time, the increases are unprecedented. The Mean of Platts Singapore (MOPS) reference price for refined petroleum products and other oil price indices have already reached levels never seen before as a result of Russia’s invasion of Ukraine,” said the Senator.
He further added that gasoline and diesel might reach as high as Php 90 per liter. This is why he is proposing a mechanism to be put in place. Something that will automatically suspend the excise tax on fuel when the crude oil prices based on MOPS reach or exceed USD90 to USD100 per barrel.
This suspension, despite temporary and conditional, “will provide the much-needed breathing space not just to motorists but also to all sectors,” according to the Senator.
In addition, the senator said that the proposition must be given attention immediately as the continuous increase in fuel prices will impact the prices of food and other basic commodities.
“The upward trajectory of fuel prices is expected to continue and the government must do something now to mitigate the impact of international oil prices on motorists, the public transport sector, fisherfolk, and farmers who will bear the brunt of this burden if we do not act now,” Lacson stressed.
Without the excise tax, gasoline would be Php 10 cheaper while diesel is Php 6 cheaper.
