Duterte is considering suspending excise tax on oil products

President Rodrigo Duterte on Tuesday said he is considering postponing the implementation of excise tax on oil products.

Duterte told reporters after the oath-taking of newly elected officers of the Malacañang Press Corps that Finance Secretary Carlos Dominguez is already on top of it.

This was after he was asked about the suspension of excise tax, when the President answered, "Maybe."

An increase in the excise tax on oil, based on the Tax Reform for Acceleration and Inclusion (TRAIN) law, can be suspended if world oil prices reach above $80 per barrel for three straight months.

Duterte further said that the oil price increase also means an increase in the price of basic commodities such as rice and fish. — BAP, GMA News