No tax suspension on fuel products — Diokno

The incoming administration is not looking at suspending excise taxes on fuel products any time soon but acknowledges the lapses in the implementation of assistance to drivers who have been bearing the brunt of higher oil prices, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno said on Tuesday.,Despite the new round of pump price hikes effective Tuesday, 7 June, it would be unwise to cut taxes on fuel, the incoming finance secretary said in a news interview.,“When you cut taxes on fuel, it will benefit everybody, the rich, the poor, the middle income,” Diokno said.,“And when there is a need to put it back, restore the cut because things have normalized, it’s very difficult to push such measures before Congress,” he added.,The BSP governor, moreover, said that “I think it’s a wrong move to cut taxes at this time.”,Various companies have imposed another P2.70 increase per liter for gasoline, P6.55 per liter for diesel, and P5.45 for kerosene effective Tuesday, 7 June.,The Energy department said net price increases since the start of the year for gasoline, diesel and kerosene stood at P23.85, P30.30 and P27.65 per liter, respectively, as of 31 May.,Moreover, Diokno stressed that targeted assistance to jeepney drivers, farmers, and fisherfolk would be more efficient than cutting taxes, and the government “will continue that approach.”,Asked for his reaction to the mounting complaints from public utility drivers who have not yet received the promised P6,500 fuel subsidy by the government, the Diokno acknowledged that it’s a “problem of implementation.”,“To me, it’s a problem of implementation. We’ll make sure implementation will be efficient and will be timely,” he said.