President Ferdinand ”Bongbong” Marcos Jr. will formally request to the Congress, an emergency powers to reduce excise tax on oil products amid the continuing conflict in the Middle East.

The new proposed measures will give the President the authority to reduce the excise tax on oil products once the price of Dubai crude exceeds $80 per barrel.

House ways and means panel chair and Marikina City 2nd District Representative Miro Quimbo filed a bill seeking to allow the President to suspend or reduce the excise tax on petroleum products during national or global economic emergencies.

House Bill 8257 seeks to amend Section 148 of the 1997 National Internal Revenue Code (NIRC) and allow the President, as recommended by the Finance Secretary, to suspend the imposition of fuel excise taxes under the following conditions:

Senate President Vicente “Tito” Sotto III for his part, said he has yet to go over the pronouncement.

The average Dubai crude oil price has reached or exceeded $80 per barrel for a continuous period of at least three months immediately preceding the issuance of the suspension order; or

A state of national emergency or calamity has been declared by the President, and such condition has resulted in extraordinary increases in domestic pump prices of petroleum products as certified by the Energy Secretary.