Marcos cuts excise tax on LPG, kerosene
President Ferdinand “Bongbong” Marcos Jr. has ordered a reduction in excise taxes on liquefied petroleum gas and kerosene.
In a move to cushion the impact of rising global oil prices, Marcos has reduced the excise tax for LPG by P3.36 per liter, while kerosene will see a reduction of about P5.60 per liter, according to a Philippine STAR report.
This comes after the chief executive announced a big rollback in fuel prices effective April 14, where diesel will be less P20.89 per liter, gasoline less P4.43 per liter, and kerosene less P8.50 per liter.
"Malaking tulong ito, lalo na sa ating mga driver, sa mga commuter, at sa bawat pamilyang Pilipino na araw-araw naaapektuhan ng mataas na presyo ng krudo," Marcos said in a video statement.
He added that his administration would not stop until the price rollbacks reflect on transportation fares and food prices.
"Sa mga susunod na araw at linggo, may iaanunsyo pa akong mga dagdag na hakbang at tulong mula sa gobyerno," Marcos said.
"Hindi natin hahayaang mapabayaan ang bawat Pilipino sa gitna ng mga hamong ito," he added.
Per Energy Secretary Sharon Garin, the price rollback will remain in place until April 20.
This was the first time that Marcos exercised his power to reduce fuel excise tax after he had signed into law Republic Act 12316 in late March, which grants the president authority to adjust or suspend fuel excise taxes when global oil prices reach certain thresholds.
The Philippines is currently reeling from severe fuel price hikes brought about by the ongoing tensions in the Middle East. The conflict began when Israel, in coordination with the US, launched airstrikes on Iran on Feb. 28, taking out Iranian Supreme Leader Ali Khamenei. Retaliatory attacks have upended the region, as well as markets across the globe.