The Bureau of Customs (BOC) is preparing for potential adjustments in excise taxes on petroleum products as global oil and gas shipping costs surge due to heightened tensions in the Middle East, with Iran vowing to close the Strait of Hormuz.
In an interview with DZRH’s Dos Por Dos, Bureau of Customs Commissioner Ariel Nepomuceno noted that the BOC’s annual revenue target for 2026 is ₱1.003 trillion, with approximately 30% to 35% coming from petroleum products.
“Halos 1/4 up to 1/3 ng ating kinikita sa importations ay galing sa petroleum products,” he said.
The interview comes amid discussions on a possible excise tax suspension for crude oil prices exceeding $80 per barrel, as proposed by President Bongbong Marcos to ease the financial burden on Filipino consumers.
Nepomuceno said the BOC is still evaluating different scenarios with the Department of Finance (DOF).
“Sa moderate lang na impact, within 1 to 6 months, 5$ to 10$ lang iaangat and then yung 6 months to 1 year naman, iba't iba yung senaryo. So doon sa bawat part na yun, may mga measurements pong ina-anticipate kami kasama po ang Department of Finance, doon po tayo magre-react,” he explained.
On the mechanics of the proposed excise tax suspension, Nepomuceno said only the portion of oil prices exceeding $80 per barrel would be exempt. “This is just one of the options under review. We are still in the planning stage,” he added.
The commissioner also highlighted the broader economic impact of rising oil prices on logistics, manufacturing, and other imported goods.
“Ang langis po kasi talagang manufacturing, lahat po yan. Aangat po yan, talagang may inflationary effect po yan. Una-una po yung logistics, eroplano, barko. manufacturing, aangat po talaga po yan pag umangat po yung yung presyo ng langis,” Nepomuceno said, noting that the situation is exacerbated by the Strait of Hormuz tensions.
Current excise tax rates for petroleum products are as follows: gasoline at ₱10 per liter, diesel ₱6 per liter, kerosene ₱5 per liter, aviation fuel ₱4 per liter, and LPG ₱3 per liter.
Nepomuceno stressed that the BOC will continue monitoring stock levels and prices in coordination with the Department of Energy to ensure that price adjustments reflect only new shipments, not existing inventory purchased at previous rates.
