Tovic Salvador

Public Utility jeepney drivers line up to refuel at a gasoline station in West Avenue in Quezon City on September 18, 2023, bracing themselves for another price hike the following day. Diesel prices are slated to go up by 2.50 pesos per liter, with Kerosene and Gasoline prices increasing at 2 pesos per liter. 

 Jonathan Cellona, ABS-CBN News

Article (news)

OIL PRICE HIKE

Andrea Taguines

ABS-CBN News

MANILA — The Bureau of Customs (BOC) on Tuesday said it could lose at least P330 billion, or around 30 to 40 percent of its annual revenue, if the government suspends fuel excise taxes and value-added tax (VAT) on petroleum products amid surging global oil prices.BOC Commissioner Ariel Nepomuceno said that based on the bureau’s 2025 records, collections from fuel excise taxes reached around P220 billion to P260 billion, while VAT collections from petroleum products brought in up to P160 billion.Several groups have called for the suspension—or even the abolition—of these taxes to lessen the impact of rising oil prices triggered by the ongoing US-Israel war on Iran on Filipino consumers.But President Ferdinand Marcos Jr. said he is more inclined to simply reduce the excise tax on fuel, adding that he would certify as urgent a proposed measure granting him temporary authority to do so.Either way, Nepomuceno stressed the importance of finding alternative sources of funding to ensure that the BOC would still meet its P1 trillion contribution target to the national coffers for 2026.“Ang direkta nating ikinababahala ngayon, yung maaaring kitain sana natin na normal na manggagaling sa petroleum products, yung kombinasyon ng VAT at excise tax and other duties and taxes, hindi yan bababa sa P330 billion hanggang P410 billion taon-taon. Pag yan ay nabawasan dahil sa nangyayaring krisis, dapat may pagkukuhanan tayo ng ibang pagkakakitaan ng bansa,” he said.<div>ANTI-OIL PROFITEERING MEASURES</div>The BOC has also begun going around and inspecting oil depots across the country to help the Department of Energy (DOE) determine how much stock the Philippines actually has, and to prevent possible profiteering by industry players.“Importante kasing malaman natin yung tinatawag na baseline. Ilan ba talaga ang laman ng mga depot, ng mga warehouses na naglalaman ng petroleum products. Upang maiwasan yung pagsasamantala, na yung lumang stock, gagawing bago ang presyo,” said Nepomuceno.“Ibig sabihin, binili nang mas mura, ibebenta nang mas mahal na lampas doon sa itinatakda ng mga regulasyon ng DOE,” he added.Nepomuceno said they will also work with the Department of Agriculture and the Department of Trade and Industry, to go after hoarders of agricultural products and other food items.“Magtutulong-tulong kami upang maiwasan nga na habang nasa krisis tayo, ay magkakaroon naman ng magsasamantala at lalong madedehado yung ating mga kababayan, lalong lalo na yung walang kakayanan na sumabay doon sa pagtaas ng presyo ng pamasahe, pagkain,” he said.

Several groups have called for the suspension—or even the abolition—of these taxes to lessen the impact of rising oil prices triggered by the ongoing US-Israel war on Iran on Filipino consumers.

Several groups have called for the suspension—or even the abolition—of these taxes to lessen the impact of rising oil prices triggered by the ongoing US-Israel war on Iran on Filipino consumers.

Suspension of fuel excise taxes, VAT could cost govt P330 billion — Customs

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Suspension of fuel excise taxes, VAT could cost govt P330 billion — Customs

Andrea Taguines,

ABS-CBN News

Published March 10, 2026 02:54 PM PHT

Read More:

fuel excise tax

Bureau of Customs

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