FUEL PUMPS are seen at a gasoline station in Paco, Manila, Feb. 22, 2025. — PHILIPPINE STAR/NOEL B. PABALATE

SENATE PRESIDENT Francis G. Escudero on Wednesday said he is looking at filing a measure that would provide the Executive the authority to cut down value-added tax and excise duties on petroleum products in the next Congress.

The President or the Finance department should be empowered to suspend oil duties to respond to surging fuel prices, he said at a media briefing, adding he wants to revise the global price reference and trigger level for invoking his proposed “standby” powers.

“It is still being finalized,” he said in Filipino. “Because of the ongoing unrest in the Middle East, one of the measures we’ll file is the standby authority we want to grant… to lower the value-added tax or fix the excise tax rates [on oil].”

“What’s being debated now is the threshold amount,” he added.

The Philippines is a net importer of oil and is highly sensitive to sharp fluctuations in global oil prices. Several local petrol companies implemented a price hike of P1.75 per liter of gasoline, P2.40 per liter of kerosene, and P2.60 liter of diesel on Tuesday. A second round of price hikes are set for Thursday or Friday.

“What will trigger the President’s authority? Is it $80 per barrel, or should we base it on a certain percentage of the projected crude oil price range?” Mr. Escudero said. “Should we still use Dubai crude as the basis, or should it be the Means of Platts Singapore?”

A 2017 law previously allowed the government to suspend the collection of excise tax on petroleum products when world oil prices reach $80 per barrel for three months, but the provision lapsed five years ago.

“The President has no authority to suspend taxes,” said Mr. Escudero, adding that he will ask the Legislative-Executive Development Advisory Council to identify the measure as priority legislation.

Lawmakers of the 19th Congress adjourned for the final time in mid-June. The chambers will convene for the first congressional session of the 20th Congress on July 28.

“What can possibly be done while Congress is in recess is to review if there are tariffs or duties being paid on oil products,” Mr. Escudero said.

Meanwhile, the House of Representatives will focus on prioritizing measures that would help usher in price stability, including soaring oil prices, to ease the burden of ordinary Filipinos, spokeswoman Priscilla Marie T. Abante said in a separate media briefing.

“This is among the issues we want to focus on — how we can help the public cope with rising prices of goods, including fuel prices,” she said in Filipino. “That is among the priorities for discussion in the upcoming 20th Congress.” — Kenneth Christiane L. Basilio