Presidential candidate and Manila Mayor Francisco "Isko Moreno" Domagoso on Thursday, Feb. 24, urged the national government to slash by half the excise taxes on oil following the surge in world crude prices as a result of Russia’s attack on Ukraine.

World crude oil prices have surged to almost $100 per barrel after the tensions between Russia and Ukraine escalated on Thursday, Feb. 24.
Domagoso had earlier projected that the price of oil in the world market will continue to increase.
Slashing taxes on fuel and electricity are some of the main campaign pledges made by Domagoso as early as September last year.
Since the Philippines is not an oil-producing country, oil price surges cause inevitable results to the transportation sector, food prices, and other necessities.
Domogoso vowed to cut by 50 percent the taxes that are being imposed on fuel and electricity for the benefit of the ordinary Filipinos should he be elected in the upcoming elections.
While this would mean a loss in revenue for the government, the Manila mayor pointed that it will save Filipinos from suffering.
"Sa panahon ng kagipitan, ang gobyerno ang dapat magparaya, para naman maibsan ang hirap ng tao (In times of crisis, the government must give way, in order to alleviate human suffering)," he said.
Oil supply is expected to become scarce and expensive in the coming days, he said.
"It is time for the government to step backward, sacrifice some revenues, just to alleviate people’s sufferings,” Domagoso said.