By Liza Soriano
MANILA — Several senators have voiced support for a measure that would give President Bongbong Marcos Jr. the power to temporarily suspend or lower fuel excise taxes if global oil prices hit $80 per barrel, as tensions in the Middle East continue to drive energy costs upward.
Senate Majority Leader Migz Zubiri said the move aims to ease the burden of rising fuel prices on Filipino households and businesses, particularly as geopolitical unrest fuels market volatility.
“Swift government intervention is crucial to prevent sharp increases in the cost of essentials such as food and electricity, which are heavily influenced by fuel prices,” Zubiri said.
He also urged his colleagues to treat the President’s request with urgency, emphasizing the need to protect sectors most vulnerable to spikes in petroleum costs.
Deputy Majority Leader JV Ejercito added that he would advocate for the prompt approval of the bill, which seeks to suspend excise taxes on petroleum products to help ease the economic impact on consumers.
/elamigo
