01/02/2023, 09:08 Solon wants to prioritize measure suspending oil excise tax 

- BusinessWorld Online

Solon wants to prioritize measure suspending

oil excise tax 
January 31, 2023 | 8:47 pm

PHILIPPINE STAR/ MIGUEL DE GUZMAN

A LAWMAKER reiterated on Tuesday the need to suspend the oil excise tax amid increasing fuel
prices.  

Camarines Sur Rep. Luis Raymund “LRay” F. Villafuerte called to prioritize the passage of House Bill
No. 5176, which seeks to suspend excise tax on “regular gasoline, unleaded premium gasoline, and
diesel fuel oil when the average Dubai crude oil price based on the Mean of Platts Singapore (MOPS)
for three months prior to the scheduled increase for the month reaches or exceeds $80 per barrel.” 

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01/02/2023, 09:08 Solon wants to prioritize measure suspending oil excise tax  - BusinessWorld Online

The proposed measure was included as a temporary provision under Republic Act No. 10963 or the
Tax Reform for Acceleration and Inclusion (TRAIN) Law passed in 2017, but was suspended in 2020.  

Mr. Villafuerte said the bill aims to amend Section 148 of the National Internal Revenue Code.  

“Geopolitical conflicts and other developments in world markets have been driving up the cost of
petroleum products,” he said.  

It has “jacked up transportation expenses and food prices responsible for the seemingly unending
elevated inflation that now threatens to slow the global economy and possibly even lead to recession
in most parts of the world,” he added.  

Data from the Energy department show that in January, gasoline price increased by P2.80 per liter
(/L), diesel increased by P2.25/L, and kerosene prices went up by P2.40/L.  

Mr. Villafuerte called the proposed measure “a surefire way to cushion the economic impact on
ordinary Filipino consumers of the rollercoaster ride in the pump prices of diesel and gasoline.”  

The MOPS is the daily average price of a Singapore-based oil product assessment published by Platts,
a division of S&P Global. It is used to price petroleum products in Southeast Asia. — Beatriz Marie
D. Cruz 

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