President Marcos Jr. requests Congress for temporary powers to slash fuel excise taxes if oil tops $80/barrel, easing consumer burden from Iran Strait disruptions.
Manila, Philippines – President Ferdinand Marcos Jr. has urged Congress to grant him emergency powers to temporarily reduce excise taxes on petroleum products as global oil prices surge due to Iran’s Strait of Hormuz closure amid the Middle East war.
Speaking at Malacañang on March 3, 2026, Marcos assured the public of sufficient stockpiles—50-60 days for gasoline, fuel oil, and kerosene, plus LPG for 29 days—while providers hold additional reserves. The move targets swift action if Dubai crude exceeds $80 per barrel, bypassing the TRAIN Law’s three-month trigger for faster relief to households, transport, and agriculture sectors.
“We’re discussing this as an emergency tool, not permanent—it ends when the crisis does,” Marcos stated, planning talks with legislative leaders. Acting Finance Secretary Frederick Go echoed support for targeted subsidies if prices climb further.
This contingency counters inflation risks from prolonged US-Iran-Israeli tensions, which analysts warn could spike local pump prices and ripple into food and power costs. Marcos emphasized monitoring US projections of 4-5 weeks of instability, prioritizing economic recovery for oil-importing Philippines.
