One of the more relevant excise taxes in public consciousness today would be the fuel excise tax, which is imposed over different petroleum products, owing to rising oil prices in the Philippines and overseas. The only way government would be raising more income from rising prices would be from the VAT. Depending on how global oil prices would hold for the rest of the year, the fuel VAT could increase between PHP 20.3 billion (at USD 100 per barrel) to PHP 37.5 billion (at USD 130 per barrel). The price of Dubai crude, the basis for Filipino policies, have decreased from a peak of USD 122 per barrel on March 8 to USD 108 per barrel on March 17. For comparison, the price was just USD 73 per barrel on December 31, 2021. The International Energy Agency (IEA) already cut its oil demand forecast for 2022, and oil producers seem unlikely to increase their production if it meant using their spare capacity. A slight uptick to USD 104 per barrel as of March 18, which occurred as the conflict in Ukraine continues, still makes WTI crude a tad cheaper than the latest price available for Dubai crude. Then again, the DOE in the Philippines already projects a decrease in oil prices as early as the following week. Read more in our articles including "Why fuel excise taxes remain in the Philippines: equity or equality?" and "OPPO Reno15 Series 5G: Delivering the Complete Mobile Creator Experience".
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Feb 28, 2026One of the more relevant excise taxes in public consciousness today would be the fuel excise tax, which is imposed over different petroleum products, owing to rising oil prices in the Philippines and overseas. The only way government would be raising more income from rising prices would be from the VAT.
Depending on how global oil prices would hold for the rest of the year, the fuel VAT could increase between PHP 20.3 billion (at USD 100 per barrel) to PHP 37.5 billion (at USD 130 per barrel). The price of Dubai crude, the basis for Filipino policies, have decreased from a peak of USD 122 per barrel on March 8 to USD 108 per barrel on March 17. For comparison, the price was just USD 73 per barrel on December 31, 2021.
Our coverage of oil price includes: "Why fuel excise taxes remain in the Philippines: equity or equality?"; "OPPO Reno15 Series 5G: Delivering the Complete Mobile Creator Experience"; "Infinix NOTE 60 Pro: First Snapdragon-powered Infinix phone, head-turner design". Each article provides unique insights and information.