Cutting oil taxes will help control inflation

October 11, 2022

by IBON Foundation

Oil product prices will be lower without oil excise taxes and the 12% VAT.

The latest oil price hikes increase the price of gas to as high as Php79.52/liter and of diesel to as high as Php85.79. The oil excise tax and VAT amounts to Php19.54 and Php16.29 for gas and diesel, respectively.