Anakalusugan Party-list Rep. Mike Defensor insisted on Thursday, March 3 that suspending taxes on fuel is the best way to provide instant relief to Filipino consumers amid runaway pump fuel prices.
“I am for revisiting the law that deregulated the oil industry, but in terms of providing our people immediate and direct relief from soaring fuel prices, suspending taxes on oil products is considerably a better option,” he said in a statement.
Among these is the proposed suspension of excise taxes on fuel and the review of the Oil Deregulation Law. He said among Malacañang’s proposals in the review of the 1998 law is the building of oil reserves that would be tapped whenever the cost of crude in the world market rises. He added that in case President Duterte calls Congress to a special session, he would push for the approval of his House Bill No. 10411, which seeks the suspension of fuel taxes for three years.
Section 43 provided for the shelving of higher oil levies whenever the price of crude in the world market hits $80 per barrel. However, the provision applied only to the years 1998, when the law took effect, 1999, and 2000.
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