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THE SUSPENSION OF additional increases in fuel excise taxes will continue to be $ 80 per barrel in the last quarter of the year, Finance Assistant Secretary Antonio Joselito G. Lambino II said.
Secretary of State Alfonso G. Cusi of the Department of Energy (DoE) also announced that it will be announced that, for the fifth consecutive week, "will be rolled back again next week because of the improvement in the price of oil in the international market. "
Mr. Cusi said: "We are very dependent on what is happening in the international market, so we are based on the forecast of the developing, producing and exporting countries. If I would just share it with you, it said it would remain at the $ 70 level – I mean, low 70s and the high 70s. "
In a chance interview, he also said: "That would be the forecast for the last quarter and also for next year. That is on the basis of the current production volume capacity. "
During the briefing he explained that the basis of this forecast is "the softening of the sanctions imposed by the US against Iran."
The US, Mr. Cusi said, has issued a waiver to eight countries to continue importing oil from Iran.
He added that the US is maximizing its production, as well as Saudi Arabia. So with these volumes, we would hope that would keep the price within the $ 70 range, "he said.
The tax reform law calls for the suspension of scheduled excise taxes increases the rate of increase in the tax rate. -month threshold required by law.
Asked for comment during the briefing, Mr. Lambino said: "As you know, the economic managers, their recommendation to suspend the next tranche of the increase in excise [tax on fuel] scheduled for January 2019. That recommendation stands. "
He said that this recommendation was made for the sake of the low-carbon market, and MoPS (Mean of Platts Singapore, a widely-tracked basket of oil prices) was above $ 80, and the future markets also showed $ 80 and above for November and December . "
"Futures prices were also above $ 80 at the time the recommendation was made," he added. "Ideally, the recommendation will be reviewed after it is implemented … at some point next year." – Arjay L. Balinbin
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