Feb 12, 2019 (Euclid Infotech Ltd via COMTEX) --
Sen. Bam Aquino appealed to Malacanang to suspend the excise tax on fuel under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, ahead of another round of oil price hike this week.
This week, oil companies are expected to increase prices of gasoline by 95 centavos to P1.05 per liter, diesel by 55 to 65 centavos per liter and kerosene by 80 to 90 centavos per liter.
In an effort to lower prices of petroleum products, Sen. Bam filed the Bawas Presyo sa Petrolyo Bill in May 2018, seeking to suspend and roll back the excise tax on fuel under the TRAIN Law once the country's inflation rate exceeds the government's target for three straight months.
With oil prices in the world market rising, Sen. Bam said the government should act now and immediately suspend the excise tax on fuel under the TRAIN Law to help lower prices of petroleum products.
