Finance Secretary Benjamin Diokno on Tuesday said suspending value-added tax (VAT) and excise tax on petroleum will hurt the economy and reduce revenues by PHP72.6 billion just in the last quarter of this year.
Senator Win Gatchalian on Wednesday said stakeholders must strike a balance between transparency and trade secrets in the proposed unbundling of petroleum product prices amid the continuous spike in fuel costs.
President-elect Ferdinand Marcos Jr. on Wednesday underscored the need for an “intense study” on the proposal to remove the excise tax being imposed on petroleum products.
The Department of Energy’s plan to create a Strategic Petroleum Reserve may not be a viable solution to address the impact of volatile oil prices in the country, former Socioeconomic Planning Secretary Cielito Habito said.
MANILA – The PHP3 billion fuel subsidy granted to public utility vehicle (PUV) drivers amid the increase in the prices of petroleum products will benefit even the commuting public.
The government is not opposed to suspending the excise taxes on fuel due to the soaring oil prices caused by the invasion of Ukraine, Malacañang said Friday.
Davao City Mayor Sara Duterte on Thursday urged the government to suspend fuel excise tax amid the high prices of petroleum products.
House Assistant Minority Leader and Gabriela party-list Rep. Arlene Brosas has called for wage increases following the seventh consecutive price hike in petroleum products.
The government has allocated a total of P3 billion for the fuel subsidy program under the General Appropriations Act of 2022, according to Malacañang.
With the impending big time oil price hike on Tuesday, House Deputy Minority Leader and Bayan Muna Rep. Carlos Isagani Zarate urged the leadership of the House of Representatives to expedite the passage of the measure that will suspend the collection of excise tax on petroleum products for six months imposed under the Tax Reform for Acceleration and Inclusion (TRAIN) law.
