THE Department of Energy (DOE) said it is backing another suspension of the excise tax of fuel products to address the rising oil prices.
DOE Oil Industry Management Bureau Assistant Director Rodela I. Romero said they already made the proposal in several technical working groups meetings.
“If it is temporary, maybe it could be suspended. But this is already with Congress, where it is under study,” Romero said in a televised interview on Wednesday.
The measure, she said, could help the transportation sector, which is currently reeling from the effects of the continued price increase in petroleum products.
As of last Monday, DOE’s monitoring showed gasoline prices rose by P6.75 per liter.
It attributed the price hike to the ongoing geopolitical tensions in the Ukraine-Russia border, which is affecting international fuel supplies.
To address future uncertainty in fuel supplies, Romero said DOE is continuing to push for the creation of the country’s strategic petroleum reserves (SPR).
She said the feasibility study for the program to establish the fuel stockpile is still pending due to the failed public bidding to secure the consultancy firm which will conduct it.
Romero said the terms of reference for the said contract bidding is currently under review.
Image credits: Nonie Reyes