Oil price hike enough to suspend gasoline, diesel excise tax – Gatchalian
MANILA, Philippines – Senate President Sherwin Gatchalian urged economic managers to suspend, even temporarily, the excise tax on gasoline and diesel amid the continuous increase in petroleum products.
“The economic managers should reconsider suspending the excise tax on gasoline and diesel, even if only temporarily, because oil prices have reached over $80 a barrel again and it continues to increase. There is now sufficient reason to suspend it,” he said in an interview with radio dzBB on Sunday.
“The [excise tax] should already be suspended because diesel and gasoline are also used by logistics companies, and the cost is passed on to food prices,” he added.
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According to Gatchalian, he earlier made the same suggestion of suspending the excise tax on gasoline to help bring down the cost of goods and prevent the it from being passed on to other basic commodities.
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“It need not be for long period of time, but at least while the gasoline prices are high,” he said.
President Ferdinand R. Marcos Jr. earlier issued Executive Order No. 125, which suspended the excise taxes on liquefied petroleum gas and kerosene. /gsg
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