MARCH 18, 2026 — The Senate has unanimously approved a bill giving President Ferdinand Marcos Jr. the power to suspend or reduce fuel excise taxes amid soaring global oil prices — but Marcos himself remains noncommittal, saying only, “We’ll see.” This leaves us hanging between hope for cheaper fuel and uncertainty over whether relief will actually come. 

On March 17, the Senate voted 17-0 to pass Senate Bill No. 1982, which authorizes the President to suspend or reduce excise taxes on petroleum products once the average Dubai crude oil price exceeds $80 per barrel for a month. The House of Representatives had already approved its counterpart measure the day before. Both bills were certified urgent by Marcos himself. 

Senator Pia Cayetano, who sponsored the bill, stressed that the measure was carefully studied. She emphasized that urgency did not mean recklessness.

“Not just because it’s a certified measure, eh minadali na po natin (we rushed it),” she said.

Cayetano explained that suspending the excise tax could cut gasoline prices by ₱11.20 per liter and diesel by ₱6.72 per liter. 

Imagine that — gasoline dropping to around ₱65 per liter from the current painful range of ₱76 to ₱91, and diesel sliding to ₱82 per liter from highs of ₱114. Now that’s not just numbers. That’s jeepney drivers, delivery riders, and ordinary commuters finally breathing a little easier. 

Marcos’ cautious tone

Here’s the twist: despite certifying the bill as urgent, Marcos told reporters, “That depends … It’s a very complicated calculation … When the situation calls for, we will see when to exercise that power and by how much.”

This hedging raises eyebrows. If the law is meant to cushion us from global oil shocks, why hesitate? Is the government more worried about the ₱130 billion in potential revenue losses than the daily struggles of ordinary citizens? 

Fuel excise taxes are not just about pump prices — they ripple across the economy. Lower fuel costs mean cheaper transport fares, reduced food delivery charges, and potentially slower inflation. But they also mean less government revenue for infrastructure, health, and education.

So the question becomes: Should the government prioritize fiscal stability or immediate public relief? And why does Marcos’ tone sound more like a cautious accountant than a leader ready to ease the burden of his people?

The Pinoy dilemma

We are used to promises of relief that take months to materialize. Cayetano herself admitted it could take 30 to 45 days before consumers feel the impact, since oil companies still have existing stocks purchased with excise tax. That delay could mean another month of commuters tightening belts and families cutting back on essentials.

Meanwhile, Marcos previously downplayed the crisis, saying, “Everything is normal. No need to worry.” 

Normal? For whom? For the average Filipino, “normal” now means budgeting every peso, choosing between gas and groceries, and bracing for the next round of price hikes. 

The Senate has done its part. The House has done its part. The ball is now in Marcos’ court. But with his “We’ll see” stance, we are left wondering: Will this bill finally ease the daily grind for Filipinos, or will it just end up as another promise that never makes it past the gas pump?

(Image: Presidential Communications Office | Facebook)