FILE PHOTO: The Russia-Ukraine conflict may take its toll on oil prices.
GENERAL TRIAS, Cavite — Presidential candidate and Manila Mayor Francisco “Isko Moreno” Domagoso on Friday renewed his call to slash the excise tax on fuel by 50 percent amid the oil price hike exacerbated by the Russian invasion of Ukraine.
Russia is a major oil supplier, and the instability in the region is seen to disrupt the supply chain in the global market.
“With the Ukraine-Russia conflict escalating into a war, all the more oil supplies will become scarce and expensive,” Moreno said in a statement.
“The impact on the lives of Filipinos will be so difficult in the coming months. It is time the government steps backward, sacrifice some revenues, just to alleviate people’s sufferings,” he added.
Moreno noted that the 50-percent reduction in fuel excise tax will lead to the lower power generation costs.
Dubai crude, the reference price for Asian market, has now reached more than $91 per barrel.
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