MANILA, Philippines — President Ferdinand Marcos Jr. said Tuesday he is considering cutting excise taxes on petroleum products as part of contingency measures to cushion the impact of soaring global oil prices amid the widening Middle East conflict.

Marcos explained that he may ask Congress to grant him emergency powers to reduce excise taxes if Dubai crude exceeds $80 per barrel. “There is also a proposal that we will examine further. I am going to talk to the leaders in both the House and in the Senate,” he said in a press briefing at Malacañang.

On Tuesday, Dubai crude was trading between $76 and $78 per barrel, sharply higher than the late 2025 average of $63 per barrel. The increase has been attributed to supply disruptions caused by the ongoing war in the Middle East.

Under the Tax Reform for Acceleration and Inclusion (TRAIN) Law, excise taxes on petroleum products are automatically suspended if the average global oil price reaches $80 per barrel for three consecutive months. Marcos said the proposed cut would be an emergency measure and lifted once oil prices stabilize.

The President’s economic team is set to coordinate with Congress to secure the necessary authority, while monitoring the impact of oil price hikes on inflation, transport fares, and the overall stability of the Philippine economy.