Isko pushes cut in fuel excise
As the conflict between Russia and Ukraine escalated, Manila Mayor Francisco “Isko Moreno” Domagoso reiterated his push for a 50-percent cut on the fuel excise to alleviate the impact of rising global oil prices.
“In times of hardship, it’s the government that should give way, so that the people’s burden will become lighter,” the Aksyon Demokratiko standard-bearer said while stumping for votes in Cavite province.
Domagoso first made his proposal to cut taxes on fuel, as well as on electricity, in half in September.
“Even when there was no disturbance in Europe, I already saw that as a possible scenario. As early as September, when I had a dialogue with farmers and fisherfolks in Tarlac, I already warned that the price of oil in the world market will continue to increase,” Domagoso told reporters.
“To cushion the socioeconomic impact of the pandemic, a 50-percent reduction in fuel excise tax can lower the power generation cost and another 50-percent cut on taxes on electricity would mean savings for the majority of our people,” he said.
Russia’s invasion of Ukraine has pushed up the prices of oil around the world, driving up the price of crude per barrel to $100 in Brent and almost $92 in Dubai.
Domagoso said any oil price hike would have a domino effect on the daily expenses of every Filipino, from transportation to food, and from electricity to other basic necessities.
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