Consumer group: Revisit Train lawhome/Business/Top Business/Consumer group: Revisit Train lawA consumer group on Monday warned inflation could stay above the 4 percent target due to the imposition of excise taxes on crude oil. Dimagiba said that while crude oil prices went up last year, it was not the main driver of high inflation. “Just as crude oil prices went high quickly in the third quarter of 2018, crude oil prices went down as fast in the fourth quarter. “The train law imposed an excise tax in a fixed amount per liter of fuel, irrespective of the value of the crude oil, that increases over a period of three years for everybody. The law did not consider the ability to pay of the consumers and that the excise taxes imposed by the law did not depend on the resources of the consumers affected,” he added.

Source: Manila Times January 08, 2019 17:15 UTC