President Ferdinand “Bongbong” Marcos Jr. said on Wednesday that he has not yet determined when he will exercise emergency powers to suspend or reduce the excise tax on oil, despite certifying the measure as urgent.

In an ambush interview in San Juan City, Marcos said calculating the potential reduction in taxes is complicated, as it depends on trends in global oil prices, as reported by RH Edniel Parrosa on DZRH's Operation Tulong.

“That depends… Marami, that's a very complicated calculation… We will see. Depends on the trends. We have to watch the trends on oil prices. We just have to look. It's very hard to say because it's all speculation. We don't know how long this will last for,” Marcos told reporters.

He added, “We don't know what the effects are. We don't know what will happen in the Strait of Hormuz. So, you know, right now, we are just adjusting to the situation. And when the situation calls for it, then we will see when to exercise that power and by how much.”

The President’s remarks come after the Senate on Tuesday, March 17, unanimously approved Senate Bill No. 1982 on third and final reading.

The measure grants Marcos emergency powers to temporarily suspend or reduce excise taxes on petroleum products amid rising global oil prices caused by the crisis in the Middle East.

Lawmakers included safeguards in the measure to ensure that any reduction or suspension of the excise tax would only be applied when necessary.

Fuel prices in the country have continued to rise, with some reaching as high as P100 per liter, as oil companies implement staggered price adjustments in response to the Middle East tensions.