MANILA — In response to rising oil prices caused by the Middle East crisis, President Ferdinand R. Marcos Jr. will formally request Congress to grant him emergency powers to temporarily reduce the excise tax on petroleum products, Malacañang said Sunday (New York time).
Palace Press Officer Claire Castro noted that the Department of Energy (DOE) would submit the official proposal on behalf of the President.
“They are coordinating, and the request is expected to be filed this Monday,” Castro said.
Marcos has previously stated that he may exercise emergency powers if oil prices hit or surpass USD 80 per barrel. Any tax reduction would be temporary and subject to congressional approval.
The President is also pushing for revisions to the Biofuels Act of 2006 to allow greater use of lower-cost bioethanol, helping to mitigate the burden of soaring fuel costs.
Fuel price projections show gasoline could rise by PHP 7.48 per liter, diesel by PHP 17.28, and kerosene by PHP 32.35.
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