By Amanda Lee

A Philippine committee said suspending excise taxes on diesel and gasoline is unlikely to provide any "meaningful relief" to consumers amid rising oil prices.

"Any reduction in retail pump prices would be marginal and largely offset by prevailing market dynamics," Finance Secretary Frederick D. Go said Tuesday, citing recommendations from the Development Budget Coordination Committee, which approves economic targets and advises the cabinet on budgetary and fiscal issues.

The Philippines is especially vulnerable to higher energy costs due to its heavy reliance on oil imports from the Persian Gulf. Rising crude oil prices and supply disruptions prompted the government to declare a national energy emergency in late March.

Philippines' inflation is expected to rise in the coming months given the oil price shock. On Monday, President Ferdinand R. Marcos Jr. removed excise taxes on liquefied petroleum gas and kerosene to curb food inflation.

"This relief is focused on the most vulnerable," Go said.

The government will also continue providing targeted subsidies to sectors most affected by higher fuel prices, including public transport operators, drivers and commuters, he said.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

April 14, 2026 00:03 ET (04:03 GMT)

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