Oil companies urged to stagger fuel prices by the DOE—Suspension of Fuel Excise tax unlikely

Motorists around the country are feeling the strain of the current fuel prices, so much so that the Department of Energy (DOE) is urging oil companies in the Philippines to slow down their oil price increases to help cushion the blow. Both gasoline and diesel prices are going through the roof and breaking records across the board. 

Oil firms may implement a staggered basis for fuel price increases, and according to the DOE’s Oil Industry Management Bureau Assistant Director, Rodela Romero: 

The DOE wants all oil companies in the Philippines to follow the leads of others, implementing stagger price hikes to help alleviate the growing trouble of rising fuel costs. 

Even if there is an increase, the DOE has assured the public that there is enough fuel supply for the country, and certain efforts are being made to work with agencies and affected motorists. 

On top of this, the Department of Finance (DOF) has played around with the idea of suspending the fuel excise tax but stated that the lift will benefit the upper-income bracket classes in the country, and might hinder social service programs for the less fortunate. 

Instead, the DOF is proposing a subsidy that targets those who need it the most. As is the case with public utility drivers who will be able to receive aid through the Pantawid Pasada Program.