The Philippine government is looking to ease the upcoming oil price hikes that are set to increase in the coming weeks as geopolitical tensions in the Middle East show no signs of easing.

During a press briefing earlier today, President Ferdinand “Bong Bong” Marcos Jr. (PBBM) recently announced that he is currently studying the possibility of reducing excise tax on fuel and other petroleum products as oil prices are estimated to go up in the coming weeks. The Chief Executive said he will speak to Congress about the proposal of giving him the authority to lower the excise tax on petroleum products if the price of crude oil exceed beyond USD 80 per barrel.

The President, however, mentioned that this measure will only be temporary.

“This is not yet a sure thing, but this is something we are discussing, and this could be helpful. I will discuss it with the leadership of Congress. It is going to be an emergency measure. It is not going to be a permanent measure. It will be something that we will dispose of as soon as the crisis is over,” said President Marcos.

Aside from lowering excise tax on fuel, the President also mentioned other possible measures to ease the burden of commuters amid rising oil prices. One of the possible measures is providing no-fare bus rides along major routes and other subsidies to give workers using public transport less of a burden.

“We are also trying to look at the possibility of easing the transport cost burden to workers, the traveling public, providing maybe no-fare bus rides along major routes, and maybe to hold fares down on the public transport facilities. We are now going to look for whatever subsidies we will need to provide,” added Marcos.

As far as the country's oil supply is concerned, the President said that oil supply remains sufficient.

“Meron tayong stockpile that are approximately 50 to 60 days. We are okay for that period of time,” shared Marcos.

[We have a stockpile that is approximately 50 to 60 days. We are okay for that period of time.]

The Department of Energy (DOE), meanwhile, is pushing for staggered oil price hikes. The agency is looking to negotiate with fuel companies to implement staggered price hikes next week to ease the burden on motorists. The DOE and local oil companies are scheduled to meet this Friday, March 6, to finalize the staggered price adjustments.