Manila temporarily suspended excise duties on petroleum products used for cooking, the presidential palace said, as it struggles to deal with soaring fuel costs from the Middle East conflict.
The temporary suspension covers liquefied petroleum gas (LPG), the country’s main fuel for cooking, as well as kerosene, according to an executive order released to the media on Friday.
“The excise taxes on LPG, except when used as a raw material for production of petrochemical products or used for motive power, and kerosene, except when used as aviation fuel, are hereby fully suspended,” it said.
The cut translates to a reduction of about three pesos (about 20 sen) per kg of LPG.
The excise cut followed a threat by bus operators to hold a two-day nationwide transport strike next week to press the government to let them raise fares, which are state-regulated.
Fuel prices in the Philippines are unregulated, unlike its neighbours, leaving local transport firms to deal with market fluctuations.
Philippine President Ferdinand Marcos said the tax would automatically revert after three months, or a week after the one-month average Dubai crude oil price falls below US$80 (RM327) per barrel.
Import-dependent Philippines declared a national energy emergency in March and has been forced to cast an ever-wider net for fuel, including purchases of oil from Russia. — AFP
