President Ferdinand “Bongbong” Marcos Jr. to talk to the leaders in both the House and the Senate to seek authority to reduce excise taxes on petroleum products once the price of Dubai crude exceeds $80 per barrel.

In a press conference, Marcos Jr. said this would only be an emergency measure for immediate disposal once conflict in the region is over.

“I am going to… this is not yet a sure thing but this is something that we’re discussing and maybe helpful is to give me, the President, the authority to reduce excise tax on petroleum products should Dubai crude exceed $80 per barrel,” the President said.

Acting Finance Secretary Frederick Go likewise said the emergency power for the President should the crude prices continue to soar.

“The possible emergency powers that we might seek for the President to react is if the price of Dubai oil exceeds $80 per barrel,” Go said.

As this developed, the Philippine government will also offer targeted subsidies for certain sectors such as transport and agriculture, Marcos said.

“As soon as oil prices breached $80 per barrel, mayroon na tayong gagawin and we will use several of the funds. We will use the funds,” Marcos said.

“We are also trying to look at the possibility of easing the transport costs’ burden to workers, for the traveling public, providing maybe no fare bus rides along major routes,” Marcos said.

According to Marcos, there has been coordination between the Department of Energy and the oil companies that “whatever price increases they are going to institute, that they be done in a staggered manner.”

Earlier, the Department of Energy – Oil Industry Management Bureau (DOE-OIMB) said that fuel prices could jump by up to ₱10 per liter amid the US-Iran conflict.