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MANILA – (UPDATEThe second round of fuel excise tax increases will continue in January after the economic team withdrew its recommendation to suspend it, Finance Secretary Carlos Dominguez said Thursday.
The economic team previously recommended the suspension after the price of Dubai crude has exceeded $ 80 per barrel. Prices have since declined, the finance ministry said earlier this week.
Fuel excise taxes were increased in January of this year as part of the tax reform related to acceleration and inclusion, with new increases expected each year over three years. .
Inflation reached its lowest level in 10 years this year, reaching 6.7% in September and October.
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