Car owners and operators across the country have undoubtedly felt the effects of the increased fuel prices under the Tax Reform for Acceleration and Inclusion (TRAIN) law. According to the Department of Energy (DOE), the average cost of 91-octane gasoline as of October 11, 2018 is P59.40 per liter. Yikes.
But there is good news on the horizon. CNN Philippines reports that Finance secretary Carlos Dominguez has announced that President Rodrigo Duterte will suspend the additional oil excise tax set to take effect in January 2019 under the TRAIN law. The announcement is being made early, Dominguez explained, to “proactively anchor inflation expectations and enhance the welfare of the Filipino people.”
Under the TRAIN law, an additional P2 per liter is scheduled to be added to fuel prices next year. With oil prices soaring across the globe (you can read more on that here), the suspension of the scheduled increase will surely ease the woes of car owners.
What do you guys reckon? Will the suspension of the oil excise increase help our wallets and the country's economy? Or should something else be done instead? Sound off below.
In the meantime, you can also read about the DOE’s tips on saving fuel here. Hey, whatever helps us save money on fuel, right?