Department of Energy (DOE) Secretary Sharon Garin has expressed optimism that oil price adjustments in the coming days will be reasonable despite the ongoing conflict in the Middle East.
She said they already had two meetings with oil company representatives to discuss supply and price issues, including contingency plans.
“But they’ve heard the President, they’ve heard my appeal, and DOE has talked to them. So, we’ll wait for their response. Maybe our oil companies can help the Filipino people,” she told journalists Thursday night.
Garin was reluctant to give figures on how much the fuel price hikes in the coming days would be, citing volatility of the situation, noting that adjustments will only be determined after this week’s trading.
“They said they will get back to us this weekend,” she said.
Fuel excise tax
Meanwhile, a wait-and-see stance remains for the proposed temporary reduction in the fuel excise tax.
Garin said authorities are still studying the proposal and its potential economic impact
“If you ask DOE, of course, we want no excise tax because it will lower everything. But we want to balance it with the needs of the DOF (Department of Finance), DBM (Department of Budget and Management), and all that. So hihintayin lang namin (we’ll wait for it). But if it technically, anything that can lower the cost of electricity and fuel, DOE is supportive of that,” she said.
President Ferdinand R. Marcos Jr. earlier disclosed a plan to talk to lawmakers to ask for authority to lower excise tax on fuel products once Dubai crude surpasses USD80 per barrel.
A bill has been filed in the House of Representatives this week proposing to give the President special power to suspend oil tax when needed. (PNA)
