Philippine Economic Managers Oppose Tax Halt on Diesel, Gasoline

Philippine economic managers rejected a halt in excise taxes on diesel and gasoline, saying a suspension won’t likely give meaningful relief to consumers from oil price swings due to the Iran war.

“Any reduction in retail pump prices would be marginal and largely offset by prevailing market dynamics,” the Department of Finance said in a statement on Tuesday, citing recommendations of the Development Budget Coordination Committee composed of several economic agencies.