Lawmakers Want President Duterte To Suspend Excise Taxes Hike On Fuel
The lawmakers are urging President Rodrigo Duterte to cancel further increase in excise taxes on fuel for the next few years.
Majority Leader Juan Miguel Zubiri said that seventeen senators want President Duterte top support the suspension of further hike in excise tax on diesel, gasoline, and other petroleum products.
The senators want the suspension of excise taxes on fuel for the year 2019 and 2020 to prevent a further increase in fuel prices.
In January 2019, the Tax Reform for Acceleration and Inclusion (TRAIN) Act would implement an additional excise tax of P2 per liter on fuel.
Zubiri said that the cancellation of the excise tax on fuel under the TRAIN law might reduce the inflation.
The fuel price hike also triggered the escalating prices of basic commodities and food products particularly on rice, meat, fish, and vegetables.
The prices of Dubai crude and the Asian benchmark have already reached $84.41 on October 4, 2018, practically doubled the oil prices upon the enactment of TRAIN law.
The next increase in excise on fuel set for January 2019 under the TRAIN law will be canceled when Dubai crude price increases for three consecutive months.
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