An Act Establishing a Fuel Tax Stabilization Mechanism Through the Temporary Suspension or Reduction of Excise Tax and Value-Added Tax on Petroleum Products During Periods of Extraordinary Global Oil Price Increases
The proposed Fuel Price Relief Act would let the President temporarily cut or suspend fuel excise tax and the 12 % VAT on gasoline, diesel, kerosene and LPG when Dubai crude oil stays at or above US $80 per barrel. The relief can last up to 90 days (extendable by another 90 days) and ends automatically once prices fall below the trigger for 30 days. A committee (DBCC) and the Energy Secretary must recommend the action, and monthly reports on the impact would be made public.
Automated summary by BatasWatch. It may miss nuance — read the bill text before citing it.
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SBN-1942 · Sources: BatasWatch
Similar in what they’d do, filed by any lawmaker.