Fuel Prices
PHILIPPINE STRATEGIC PETROLEUM RESERVE ACT
The bill establishes the Philippine Strategic Petroleum Reserve to create a government-controlled stockpile of crude oil and petroleum products, aimed at enhancing energy security and protecting consumers from price spikes and supply disruptions.
FURTHER AMENDING SECS. 3(1) & 6 OF R.A. NO. 7581 (PRICE ACT)
This bill amends the Price Act to include gasoline, diesel, and other petroleum products as basic necessities subject to price controls during national emergencies. It extends the price control period for these products from 15 days to 30 days.
AUTHORIZING THE SUSPENSION OR REDUCTION OF EXCISE TAXES ON PETROLEUM PRODUCTS
This bill authorizes the President to suspend or reduce excise taxes on petroleum products during national or global economic emergencies, amending the National Internal Revenue Code of 1997.
SUSPENSION OR REDUCTION OF EXCISE TAXES ON PETROLEUM PRODUCTS
This bill authorizes the President to suspend or reduce excise taxes on petroleum products during national or global economic emergencies, amending the National Internal Revenue Code to provide a mechanism for timely fiscal responses to oil price volatility.
MURANG LANGIS ACT
The Murang Langis Act amends the Biofuels Act of 2006 to adjust the biofuel blending requirements for gasoline and diesel, allowing for temporary suspension of these requirements under certain conditions to manage fuel prices.
EXEMPTION OF REFINED PETROLEUM IMPORTERS FROM THE BOND REQUIREMENT
This bill proposes to exempt importers of refined petroleum products from the bond requirement under Section 160 of the National Internal Revenue Code, provided they have no outstanding customs assessments from prior years.
AUTOMATIC SUSPENSION OF EXCISE TAXES ON PETROLEUM PRODUCTS
This bill aims to automatically suspend excise taxes on regular gasoline, unleaded premium gasoline, and diesel when the average Dubai crude oil price reaches or exceeds USD 80 per barrel.