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President Marcos said the government’s decision to suspend or reduce excise taxes on fuel will depend on global oil price movements, stressing that the situation remains highly unpredictable amid the ongoing conflict in the Middle East. (Video courtesy of RTVM)

READ: https://mb.com.ph/2026/03/18/excise-tax-cut-on-fuel-depends-on-global-oil-trendsmarcos

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Transcript
00:00School classes of Congress already approved the emergency powers per year to lower or suspend excise tax on PUHAS. How
00:05soon do you intend to exercise that power?
00:08Oh, that depends. Marami, and it's a very complicated calculation. We will see. Depends on the trends. You have to
00:16watch the trends on oil prices.
00:21We will just have to look. It's very hard to say because it's all speculation. We don't know how long
00:27this will last for. We don't know what the effects are. We don't know what will happen in the Straits
00:32of Hormuz.
00:33So, you know, right now, we are just adjusting to the situation. And when the situation calls for it, then
00:41we will see when to exercise the power and how much by how much by it.
00:59We'll see you next time.
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