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EO on oil tariff trigger to be reviewed

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By Joel Guinto
First Posted 17:26:00 10/02/2008

MANILA, Philippines — The government will review the implementing rules of an Executive Order that will remove or reduce tariffs on petroleum products as world oil prices go down, Finance Secretary Margarito Teves said Thursday.

The rules were set in June when world oil prices soared to $134 per barrel. Prices are currently hovering in the $100-per-barrel level.

“What we can do is … review these guidelines. Ang direksyon po natin ay tulungan ang ating publiko and at the same time, hindi naman po malulugi ang gobyerno [Our direction will be to help the public, and at the same time ensure that the government will not lose],” Teves told reporters in Malacañang.

“With the study, we can revise the guidelines,” he added.

The implementing rules and regulations set “trigger prices” and corresponding reductions in tariffs.

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Written by joelguinto

ThuUTC2008-10-02T13:38:05+00:00UTC10bUTCThu, 02 Oct 2008 13:38:05 +0000 22, 2006 at 12:45 pm10

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