Commodities
Philippines Suspends LPG and Kerosene Excise Taxes Amid Rising Oil Prices
The Philippines has suspended excise taxes on liquefied petroleum gas (LPG) and kerosene for up to three months as global oil prices soar.
President Ferdinand Marcos Jr. signed Executive Order No. 125, ordering the suspension of excise taxes on LPG and kerosene. The measure excludes gasoline and diesel.
The suspension removes an excise tax of about 3 pesos per kilogram of LPG, but does not guarantee a corresponding reduction in retail prices.
According to the Department of Energy (DOE), the one-month average Dubai crude price reached $99.41 per barrel from August 13 to September 11, exceeding the $80-per-barrel threshold required for fuel tax relief.