Cabinet meetingPresident Rodrigo Duterte has not decided whether to suspend the fuel tax increase. He said the team now wanted to proceed with the adjustments in view of recent declines in global oil prices. Crude prices downADVERTISEMENTDubai crude oil prices have gone down by 14 percent from an average of $79 per barrel in October to $68 in November, according to Dominguez. Even if oil prices have stabilized, the prices of goods remain high,” he said. Last week, Senators Angara and Bam Aquino warned that proceeding with the 2019 increase in fuel excise might result in a new wave of inflation, as they urged the economic managers to reconsider.

Source: Philippine Daily Inquirer December 02, 2018 23:26 UTC