Cheyenne Suarez

Oil crisis plan: Staggered price increases, excise tax cuts, 4-day work week

Article (news)

David Dizon

ABS-CBN News

<p>The Department of Energy discussed Thursday government measures to mitigate the effects of soaring oil prices due to the Iran crisis, including staggered fuel price increases, excise tax cuts and a four-day work week.</p><p>Energy Secretary Sharon Garin said local oil players assured the government that fuel imports are already en route amid fears of a possible shortage. A DOE executive earlier warned fuel prices could rise by as much as <a href="https://www.abs-cbn.com/news/business/2026/3/3/doe-warns-of-weekly-oil-price-hikes-as-oil-prices-soar-1020">10 pesos per liter</a> based on trading at the Mean of Platts Singapore.</p><p>The government’s call for staggered price increases as well as discounts was discussed during Wednesday’s emergency meeting with the oil industry, the second in a week.</p><p>“We will determine by the weekend (the staggered increases) kasi kailangan namin ng 5 days run ‘yung simulation kung magkano estimated increase. We will also announce by then kung kelan yung increase at magkano,” she said, adding that the staggered price increases are voluntary. </p><p>A proposal to increase fuel stockpiles was rejected as it would distort the market, the energy chief said.</p><p>“Masisira ‘yung buong system natin. Imbes na 2 months (supply) eh 1 month na lang. Huwag tayong mag-panic. The supply is not the issue, it&#x27;s a matter of price,” she said. </p><p>Garin noted some traders are still on a wait and see mode before selling as shipping and insurance costs rise.</p><p>The energy chief said a proposed measure for President Bongbong Marcos to be given temporary authority to <a href="https://www.abs-cbn.com/news/nation/2026/3/4/marcos-to-certify-as-urgent-special-powers-to-cut-fuel-tax-palace-1456">cut excise taxes</a> on petroleum products could also help reduce fuel prices. The President has also unveiled plans to give fuel subsidies to the transport and agri sectors. </p><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/I6d9HC0XXMI?&amp;t=3s&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><p>“If they ask it to be certified as urgent, it can be done in 3 days tulad ng iba nating batas. Sa diesel P6 kung tatanggalin siya (excise tax), VAT is 12%. Ang excise by the volume so per liter siya hindi siya by percent,” she said.</p><p>Garin also welcomed proposals to implement a 4-day work week as well as carpooling on major thoroughfares.</p><p>“There is around 14, 15% savings din. Hindi pa included d’yan yung fuel so it saves you electricity also in general. There are many ways na makaka-save tayo especially ‘yung carpooling. That&#x27;s a huge help sa atin,” she said.</p><div><br/></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/vgKz5bpticc?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div>

<p>The Department of Energy discussed Thursday government measures to mitigate the effects of soaring oil prices due to the Iran crisis, including staggered fuel price increases, excise tax cuts and a four-day work week.</p>

The Department of Energy discussed Thursday government measures to mitigate the effects of soaring oil prices due to the Iran crisis, including staggered fuel price increases, excise tax cuts and a four-day work week.