Baguio Rep Go files bill to lower fuel prices
>> Thursday, July 28, 2022
By Aldwin Quitasol
BAGUIO CITY —Lone District Rep. Mark Go on Tuesday
announced that he has filed a measure that seeks to lower fuel prices for
consumers amid the continuous oil price hikes.
The lawmaker filed House Bill 1440, which aims to reduce excise tax implemented on fuel and petroleum products as pump prices continue to soar amid increases in world oil rates.
Under the proposed measure, is stated that it will have a rollback of excise taxes on fuel products such as below 91-octane gasoline from P10 to P4.35; above 91-octane gasoline from P10 to P5.35; diesel from P6 to P0; kerosene from P5 to P0; and liquified petroleum gas (LPG) from P3 to P0.
“While the erratic and volatile behavior of oil price in the world market is beyond the control of the Philippine legislature, it remains its duty to provide immediate relief to Filipinos amidst the ongoing fuel crisis,” said the solon.
“The temporary reduction of excise tax on petroleum products is a viable remedy that Congress may adopt to ease the burden on motorists and consumers,” he added.
He also explained that HB 1440 is also seeking to revert excise taxes to their initial rates when average Dubai crude prices stabilize to US$65 or under for four consecutive weeks.
The lawmaker is eyeing to amend provisions of RA 8479 or the Downstream Oil Industry Deregulation Act.
The bill proposes to set a price ceiling and fix the maximum increase rate of fuel prices to prevent wide disparities in various locations and to grant more powers to the Dept. of Energy to regularly monitor fuel prices by requiring oil traders to submit verified monthly reports that justify price hikes.
He said the country’s deregulated oil industry has led to fluctuating fuel prices as changes in world oil prices immediately reflect in local prices, even if the country has a vast supply of local crude oil.
The lawmaker filed House Bill 1440, which aims to reduce excise tax implemented on fuel and petroleum products as pump prices continue to soar amid increases in world oil rates.
Under the proposed measure, is stated that it will have a rollback of excise taxes on fuel products such as below 91-octane gasoline from P10 to P4.35; above 91-octane gasoline from P10 to P5.35; diesel from P6 to P0; kerosene from P5 to P0; and liquified petroleum gas (LPG) from P3 to P0.
“While the erratic and volatile behavior of oil price in the world market is beyond the control of the Philippine legislature, it remains its duty to provide immediate relief to Filipinos amidst the ongoing fuel crisis,” said the solon.
“The temporary reduction of excise tax on petroleum products is a viable remedy that Congress may adopt to ease the burden on motorists and consumers,” he added.
He also explained that HB 1440 is also seeking to revert excise taxes to their initial rates when average Dubai crude prices stabilize to US$65 or under for four consecutive weeks.
The lawmaker is eyeing to amend provisions of RA 8479 or the Downstream Oil Industry Deregulation Act.
The bill proposes to set a price ceiling and fix the maximum increase rate of fuel prices to prevent wide disparities in various locations and to grant more powers to the Dept. of Energy to regularly monitor fuel prices by requiring oil traders to submit verified monthly reports that justify price hikes.
He said the country’s deregulated oil industry has led to fluctuating fuel prices as changes in world oil prices immediately reflect in local prices, even if the country has a vast supply of local crude oil.
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