Rodriguez said that once the adjustments are suspended, the old rates that would apply would be P4.35 and P5.35 per liter on regular gasoline and unleaded gasoline instead of the present P10, while diesel, kerosene, and liquefied petroleum gas would not be imposed any excise tax.This, in turn, will result in a decrease in the prices of consumer goods and services, Rodriguez said.
“One way to help the Filipino people is to temporarily suspend the collection of the increase in excise taxes on oil products imposed under the TRAIN Law until the country has fully recovered from the COVID-19 pandemic,” Rodriguez said. Several lawmakers have called for the temporary suspension of excise tax on oil products to aid drivers affected by the increase in the price of fuel.
The Department of Finance , however, has expressed its disapproval, citing a massive loss in revenue for the country.to help ease the impact of a continuing increase in oil prices.
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