MANILA — The House of Representatives on Wednesday adopted the Senate version of the bill allowing President Ferdinand Marcos Jr. to suspend or reduce excise taxes on petroleum products, a measure aimed at easing rising fuel prices amid the ongoing Middle East conflict.

Through a voice vote, the House approved Senate Bill 1982, or the Act Authorizing the President to Suspend or Reduce Excise Tax on Petroleum Products, as an amendment to House Bill 8418. By adopting the Senate version, Congress avoids convening a bicameral conference committee, meaning the bill now only requires the President’s signature to become law, Senate President Vicente “Tito” Sotto III said.

The measure grants the President emergency powers when the average price of Dubai crude exceeds $80 per barrel for one month immediately preceding the suspension or reduction of excise taxes. The authority, valid until December 31, 2028, may be exercised for a maximum of six months at a time and must be based on recommendations from the Development Budget Coordination Committee (DBCC) in coordination with the Department of Energy.

The law requires the President to submit reports to Congress on the factual basis for the suspension or reduction, estimated foregone revenues, expected impact on inflation and fuel prices, and an assessment of market distortions or unintended consequences. The report must also recommend whether the suspension should be maintained, modified, or lifted.

Earlier, the Department of Planning and Development projected that suspending the excise tax would reduce diesel prices by P6 per liter and unleaded gasoline by P10 per liter. The Department of Energy warned that diesel and gasoline prices could reach as high as P114 and P91.60 per liter, respectively.

The legislation comes amid heightened tensions in the Middle East following Operation Epic Fury, a joint US-Israel airstrike against Iran on February 27, which triggered retaliatory strikes affecting countries supplying the Philippines with crude oil—accounting for 98% of the nation’s imports.

Marikina Rep. Romero Quimbo, chairman of the House Committee on Ways and Means, said adopting the Senate version will expedite approval of this “crucial legislation” for both consumers and the economy.