00:00President Marcos has signed the law giving him emergency powers to suspend or reduce excise tax on petroleum products.
00:08Marcos signed Republic Act No. 12316 on Wednesday, March 25,
00:13fulfilling what he said early in the day that he would be signing the measure into law within the day.
00:20Under the law, the president may suspend the imposition of or reduce the excise taxes on fuel under
00:26when the average Dubai crude oil price based on mean of Platts, Singapore,
00:31reaches or exceeds $80 per barrel for one month immediately preceding the issuance of the suspension or reduction order.
00:38The law stated that the suspension or reduction may be applied to specific petroleum products
00:44and implemented either as a full suspension or partial reduction of the applicable excise tax rates.
00:51Any suspension that the president would order shall be effective for a period not exceeding three months.
01:00It further stated that the power of the president to temporarily suspend or reduce the excise tax on petroleum
01:06shall be exercised only until December 31, 2028.
01:12During the suspension or reduction of excise tax,
01:16oil companies shall submit to the Department of Energy monthly information
01:20on the cost components of the price of petroleum products sold.
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