Marcos cuts excise tax on fuel products

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A man carries a tank containing LPG cooking fuel along a street in Mandaluyong, Metro Manila, in this March 5, 2016 file photo. Asia’s supply shortfall of liquefied petroleum gas (LPG) will rise to record highs for at least the next two years, drawing ever more U.S. exports to fill the void. (Reuters/Erik De Castro/Files/File Photo)

— President Ferdinand Marcos Jr. reduced taxes on kerosene and liquefied petroleum gas on Monday to help consumers cope with rising fuel costs.

Congress had granted Marcos emergency powers to adjust fuel taxes, one of several measures the Philippines has undertaken to cope with a sharp surge in oil prices driven by the Middle East conflict.

—Reporting by Nestor Corrales and Karen Lema; Editing by David Stanway





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