President Ferdinand Marcos Jr. said he may seek special powers from Congress to temporarily reduce excise taxes on fuel if Dubai crude oil prices exceed $80 per barrel amid tensions in the Middle East.
He stressed the measure would be an emergency and time-bound response, with targeted subsidies for transport and agriculture if prices remain between $80 and $90 for two months, while assuring the public of a 50- to 60-day oil stockpile.
Members of the Cabinet’s economic team, including Finance Secretary Frederick Go, said the proposal would require clear parameters and congressional approval.
Several lawmakers have expressed support for granting the authority, though others urged safeguards due to potential revenue losses.
The Department of Energy is also exploring alternative fuel sources and pushing conservation measures to cushion the impact of possible price hikes.
Source: PhilNews24 | March 4, 2026
