Energy Secretary Sharon Garin said the government must carefully balance the country’s finances if it decides to partially reduce fuel excise taxes amid rising global oil prices.

Speaking in a radio interview on Wednesday, 4 March, Garin said the possible tax adjustment would not cover the entire year and must therefore be weighed against its impact on government revenues.

“Malawak pa ang issue kasi kailangan i-balance din ng finance natin kung kaya ba na mawala ito ang excise tax partial lang dahil hindi naman buong taon iyan,” Garin told DZRH.

“Pero the decision making, siguro kailangang i-analyze ng maaayos pa rin,” she added.

President Ferdinand Marcos Jr. earlier said he may seek emergency authority from Congress to temporarily suspend fuel excise taxes if crude oil prices spike sharply due to the ongoing conflict in the Middle East.

Fuel prices in the Philippines continued to rise this week. As of Tuesday, 3 March, diesel prices increased by P1.20 per liter, while kerosene rose by P1.50 per liter, according to separate advisories from oil companies.

Garin said the Department of Energy may also provide assistance to public transport drivers if global oil prices reach a certain threshold.

“In our current program maaari tayong magbigay ng ayuda sa ating mga PUV drivers kapag tumaas ng $80 per barrel ang krudo sa world market,” the energy chief said.

The assistance may be provided through the Pantawid Pasada Program, which grants fuel subsidies to public utility vehicle drivers affected by rising oil prices.