The country has a sufficient stockpile of oil amid the Dubai crude, President Ferdinand Marcos Jr. said.
“We have a stockpile of 50-60 days in terms of gasoline, fuel oil, and kerosine,” he said during a press conference on Tuesday, 3 March.
The president also said that he will talk with Senate and House of Representatives leaders to grant him authority to reduce tax on petroleum products should Dubai crude exceed USD 80 per barrel. However, he provided no details on how much the reduction on taxes will be.
“In case that this (prolonged conflict in Middle East) happens, this is one tool that we will have to have,” he said.
However, TRAIN Law mandates the suspension of excise taxes on petroleum products if the average global oil price reaches USD 80 per barrel for three consecutive months.
Other proposals to cushion the effect of the ongoing conflict in the Middle East include targeting fuel subsidies to affected sectors, including transport and agriculture.