00:00President Marcos has ordered the temporary suspension of excise taxes on liquefied petroleum gas and kerosene for three months
00:07to ease the burden of rising fuel costs amid the ongoing energy crisis.
00:12The directive was issued through Executive Order No. 114, signed on April 16th,
00:18following the recommendation of the Development Budget Coordination Committee.
00:22Under the order, excise taxes on LPG and kerosene are fully suspended for three months
00:28from the effectivity of the measure.
00:31However, the suspension does not apply to LPG used as raw material for petrochemical production
00:37or as fuel for vehicles, as well as kerosene used as aviation fuel.
00:42The move was triggered after the Department of Energy certified
00:46that the average Dubai crude oil price reached $93.71 per barrel over a 30-day period.
00:53This exceeded the threshold set under Republic Act No. 12316,
00:59which allows the President to suspend or reduce fuel excise taxes during periods of high global oil prices.
01:07The EO states that excise tax rates will automatically revert to previous levels once conditions stabilize.
01:14This includes when oil prices fall below $80 per barrel based on international benchmarks
01:21or upon the expiration of the three-month period.
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