Marcos to seek powers to reduce excise taxes on petroleum products if prices exceed $80 per barrel

While President Marcos gave an assurance that the Philippines has an ample supply of oil amid the Middle East conflict, he bared plans to ask Congress to grant him the authority to reduce excise tax on petroleum products should prices exceed $80 per barrel. Marcos made the statement in a press conference at Malacañang on Tuesday, March 3, following a meeting with Cabinet members on the situation of Filipinos in the middle of the ongoing conflict in the Middle East, and its impacts on the country. READ: https://mb.com.ph/2026/03/03/marcos-to-seek-emergency-powers-to-reduce-excise-taxes-on-petroleum-products-if-prices-exceed-80-per-barrel Join this channel to get access to perks: https://www.youtube.com/channel/UC5664f6TkaeHgwBly50DWZQ/join Subscribe to the Manila Bulletin Online channel! - https://www.youtube.com/TheManilaBulletin Visit our website at http://mb.com.ph Facebook: https://www.facebook.com/manilabulletin Twitter: https://www.twitter.com/manila_bulletin Instagram: https://instagram.com/manilabulletin Tiktok: https://www.tiktok.com/@manilabulletin #ManilaBulletinOnline #ManilaBulletin #LatestNews