Fuel excise tax relief imminent
MANILA, Philippines — Energy Secretary Sharon Garin has certified that the average price of Dubai crude oil in the past month breached the $80-per-barrel threshold, paving the way for the suspension of excise tax on fuel products.
From Aug. 13 to Sept. 11, the average benchmark price of Dubai crude oil was $99.41 per barrel – way above the law’s $80-per-barrel threshold, Garin said yesterday.
The certification has been transmitted to the inter-agency Development Budget Coordination Committee (DBCC) for evaluation, she noted.
Under Republic Act 12316, the DBCC is tasked with recommending to the President any adjustment on fuel excise taxes.
Last week, the Department of Finance, a member of the DBCC, disclosed it is waiting for the certification as it is keen on proposing a 100-percent suspension of excise taxes on liquefied petroleum gas and kerosene.
The DOE certification comes at a time when fuel pump prices have been steadily increasing.
Garin said the certification “could open the door for relief” to the public.
The country’s overall fuel supply is enough for more than 50 days, she said.
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