Senate Minority Leader Aquilino “Koko” Pimentel III said that he is open to proposals of suspending the excise tax on imported oil and bio-ethanol as an immediate measure to bring down the fuel prices in the country.

“The suspension of the excise tax could offer a temporary respite and serve as an effective lifeboat for Filipinos struggling to cope with the sky-high fuel prices,” Pimentel said in a statement on Tuesday, Sept. 19.

Pimentel issued the statement as Filipinos, especially public utility drivers, commuters, and even business operators, grapple with relentless oil price hikes.

"Every week, our fellow Filipinos face the challenge of ever-increasing fuel prices. They need a lifeline now. I hope the government understands the gravity of the situation and the urgency of intervention to alleviate their hardship,” Pimentel emphasized.

"The rising cost of crude oil will ultimately be borne by every Filipino because it leads to increased prices of goods, electricity, and more."

If the sky-high prices of fuel products are not promptly addressed, the country can expect inflation rates to soar, further impacting the economic well-being of every Filipino, Pimentel said.

“From daily commuters to business operators, the skyrocketing prices of fuel products have impacted the everyday lives of the citizens,” Pimentel said.

"Nakakalunod na ang presyo ng krudo. Kailangan ng ‘lifeboat’ ng ating mga kababayan (The oil prices are overwhelming. Our citizens need a lifeboat)," Pimentel said.

In a meeting of the House of Representatives last Monday with oil industry players to address the oil problem and explore potential solutions, it was suggested that there would be a suspension of the excise tax on fuel for three months in order to mitigate its impact on the country.