If the radical spikes in oil prices will linger in the months ahead, the suspension of excise taxes and possibly even value added tax will be on the table as an agenda of the Marcos administration.
If the excise taxes for petroleum commodities will be temporarily scrapped, Filipino consumers can immediately benefit from pump price cuts of P10.00 per liter for gasoline; P6.00 per liter for diesel; and P5.00 per liter for kerosene products. He said the proposed suspension of the excise taxes for fuel will be an agenda that he will lodge in forthcoming Senate hearings and he will back recommendations with solid data.
“A lot of the policymakers in Europe are seeing that the sanctions might stay until President Putin is there. So that’s a very long time. So if you have sanctions in place, rest assured prices of international fuel will be elevated at around $100 per barrel — and that’s going to be very tough for a lot of our PUVs and our middle class,” he noted.
Tax is the first thing that should go
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Reviving barter trade can help stabilize fuel prices woes – BARMM execBONGAO, Tawi-Tawi (MindaNews / 14 June) – An official of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) has one suggestion to solve the skyrocketing prices of petroleum products in the…
Source: mindanewsdotcom - 🏆 10. / 68 Read more »
Oil price hike implemented anewPETROLEUM companies in the country implemented on Tuesday, June 14, 2022, an increase of around P2 to P4 in the prices of fuel.Caltex implemented a P2.15 per liter increase on...
Source: sunstaronline - 🏆 18. / 59 Read more »
South Korea truckers end strike; gov't agrees to extend pay guaranteeSouth Korean truckers' minimum wage system will be extended. The transport ministry also promises to review fuel subsidies and support.
Source: rapplerdotcom - 🏆 4. / 86 Read more »
Public transport system on brink of ‘collapse’ due to high fuel prices - BusinessWorld OnlineTHE SUPPLY of public transport is deteriorating as operators see their margins eroded by high fuel prices, an advocacy group said, making it a matter of urgency for the government to prepare measures that will encourage “active transport,” including the construction of bicycle lanes and walking corridors.
Source: bworldph - 🏆 9. / 68 Read more »
ADB urged anew to ditch ‘dirty’ fossil fuel projects | Cai OrdinarioIF the region will meet the targets set under the Paris Climate accord, countries should avoid gas, which is considered to be a “false solution,” according to civil society organizations. The Philippine Movement for Climate Justice (PMCJ) and Asian Peoples’ Movement on Debt and Development (APMDD) said multilateral development institutions…
Source: BusinessMirror - 🏆 19. / 59 Read more »
DoLE nominee Laguesma doubts feasibility of nat’l minimum wage - BusinessWorld OnlineBienvenido E. Laguesma, who has been nominated to head the next government’s Labor department, said on Tuesday that a national minimum wage may not be possible because many small companies are still struggling to recover from the pandemic. READ:
Source: bworldph - 🏆 9. / 68 Read more »