New york: President Ferdinand R. Marcos Jr. will formally ask Congress to grant him emergency powers to reduce excise tax on petroleum products amid the crisis in the Middle East, Malaca±ang said on Sunday (New York time). In a media interview here, Palace Press Officer Claire Castro mentioned that the Department of Energy (DOE) would submit the formal request to Congress on behalf of the President.

According to Philippines News Agency, coordination efforts are underway and the request is planned for submission this coming Monday. President Marcos has indicated he is considering these emergency powers to address excise tax on petroleum products, should oil prices hit or exceed USD80 per barrel. This measure, if approved by Congress, would be temporary.

President Marcos is also advocating for amendments to the Biofuels Act of 2006, aiming to facilitate the use of cheaper bioethanol. This initiative is intended to mitigate the effects of soaring oil prices due to the crisis in the Gulf region. He has previously advised consumers to prepare for significant increases in fuel prices, with projections indicating rises of PHP7.48 per liter for gasoline, PHP17.28 per liter for diesel, and PHP32.35 per liter for kerosene.