President Ferdinand Marcos Jr. has signed into law a measure allowing temporary cuts or suspension of excise taxes on fuel to help cushion the impact of rising oil prices.
The new law provides the government with a calibrated tool to respond to sustained increases in global oil prices, particularly when benchmarks like Dubai crude signal prolonged cost pressures.
Rather than immediate implementation, the measure will be activated only under specific conditions and subject to periodic review, with economic agencies tasked to assess its impact.
Authorities are also mandated to closely monitor market behavior to prevent hoarding, price manipulation, or other distortions during any period of tax adjustment.
Marcos said the law strengthens the government’s flexibility in managing fuel costs, especially as global volatility continues.
