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World

Philippines suspends excise tax on LPG and kerosene amid soaring fuel costs

President Ferdinand Marcos Jr has signed Executive Order No. 125 fully suspending excise taxes on LPG and kerosene after Dubai crude hit US$99.41 a barrel.

By Sarah Whitfield · · 1 min read

Official portrait of Philippine President Ferdinand 'Bongbong' Marcos Jr wearing a barong Tagalog with a Philippine flag pin.
Office of the President of the Philippines, via Wikimedia Commons

MANILA — President Ferdinand “Bongbong” Marcos Jr has suspended excise taxes on liquefied petroleum gas (LPG) and kerosene, offering relief to households as soaring oil prices squeeze the import-dependent Philippine economy.

Marcos signed Executive Order No. 125 on Friday, ordering the full suspension of the duties on LPG — except when used as a petrochemical feedstock or for motive power — and on kerosene, except when used as aviation fuel.

The move was triggered by the Department of Energy’s certification that the average price of Dubai crude, measured on the Mean of Platts Singapore benchmark, reached US$99.41 per barrel over the 30 days to 11 September — comfortably above the $80-per-barrel threshold in Republic Act No. 12316, which gives the president emergency powers to suspend or cut fuel excise taxes.

The suspension, recommended by the Development Budget Coordination Committee, lasts up to three months. The taxes revert automatically at the end of the three months, or one week after the one-month average crude price falls below $80 per barrel.

The cut is worth roughly ₱3.36 per kilogram of LPG — about ₱37 per standard 11kg cylinder — and ₱5.60 per litre of kerosene. It came days after bus operators threatened a two-day nationwide transport strike over state-regulated fares, Philstar reported.

Manila declared a national energy emergency in March; first-half growth of 2.6% came in well below target amid the Middle East war and high inflation, with Brent crude hovering around $102 a barrel.

Sources

More on this topic: all World stories

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