Philippines Reduces Petroleum Taxes to Control Fuel Price Surge

MANILA — President Ferdinand Marcos announced Monday that excise taxes on LPG and kerosene will be trimmed to ease the fuel price shock caused by the US-Israeli war on Iran.

“We were hoping for a good outcome from the peace talks between the US and Iran, but it appears they were unable to strike a deal, which is why we will continue to help our people,” Marcos told a news conference.

Starting Tuesday, the cost of liquefied petroleum gas — the country’s main cooking fuel — will drop by 3.36 pesos (5.6 US cents) per kilogram. Kerosene, used by poorer families for cooking, will fall by 5.60 pesos per liter.

Marcos said he will convene a government crisis committee on Tuesday to discuss possible excise tax adjustments on gasoline and diesel, the main fuels for public transport.

The Philippines sources crude oil from the Middle East and imports refined products from Asian refineries dependent on shipments through the Strait of Hormuz, which Iran has effectively closed. Local diesel prices have more than doubled to about 145 pesos ($2.41) per liter since the war began. Last week, the government reported war-driven inflation showing food prices rose nearly twice as fast in March as the month before.

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