President Ferdinand R. Marcos Jr. announced that the administration is closely monitoring global oil price fluctuations and geopolitical tensions before deciding on the suspension of fuel excise taxes.
Speaking to the media following a price and supply-determining monitoring inspection in San Juan City, the President emphasized a data-driven approach to the current volatility in the energy market, particularly regarding the ongoing conflict in the Gulf region.
President Marcos noted that while the government possesses the authority to intervene, the unpredictable nature of international developments—specifically concerns surrounding the Strait of Hormuz—requires careful observation rather than a premature reaction. “We have to watch the trends on oil prices,” President Marcos stated. “It’s very hard to say because it’s all speculation. We don’t know how long this will last or what the ultimate effects will be. We are adjusting to the situation in real-time.”
The President reassured the public that the executive branch remains flexible and prepared to exercise its power to ease the financial burden on Filipinos when the situation warrants.
Under current legislative frameworks, the President is authorized to suspend or reduce excise taxes on petroleum products when the average price of Dubai crude oil reaches approximately $80 per barrel. The President confirmed that the government will determine the timing and scale of such an intervention based on the severity of the price hikes.
Despite global pressures, President Marcos provided a strong assurance regarding the country’s current inventory. He confirmed that the Philippines maintains:
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Sufficient Petroleum Reserves: No immediate threats to the national fuel supply.
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Agricultural Support: Stable stocks of fuel-based fertilizers to ensure the productivity of the nation’s farmers and food security.
“When the situation calls for it, then we will see when to exercise that power and by how much,” the President concluded, reiterating that the administration’s priority is maintaining economic stability while protecting consumers from external shocks.
