LEGAZPI CITY -- Senate Majority Floor Leader Juan Miguel Zubiri said over the weekend the Senate has recommended a PHP2.00 reduction in the excise tax levied on petroleum products as an immediate measure to cushion inflation, which reached a multi-year high at 6.7 percent in September this year.
He said a letter signed by 17 Senators seeking the rollback in oil excise taxes, had already been transmitted to Pres. Rodrigo Duterte last week for appropriate action.
“The Senate is hopeful that Pres. Duterte would decide positively on our recommendation to reduce by PHP2.00 the excise tax imposed on fuel and other petroleum products,” Zubiri said in an interview.
He said he believes that the high prices of goods particularly rice, fish, meat, and vegetables are made worse by the spikes in fuel prices.
The price of crude in the international market, he added, has already reached US$ 80 per barrel, which if not addressed can cause further increases in the prices of prime commodities. (PNA)
