Duterte hikes tariffs on imported oil, refined petroleum

May 4, 2020 - 4:02 PM
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A fuel nozzle is seen at a gas station of the Venezuelan state-owned oil company PDVSA in Caracas, Venezuela September 24, 2018. (REUTERS/Marco Bell)

MANILA — President Rodrigo Duterte on Monday temporarily increased tariffs on imported crude oil and refined petroleum products to fund measures aimed at mitigating the economic impact of the coronavirus outbreak.

In an executive order, Duterte imposed 10% additional duties on imported crude oil and refined petroleum products. Proceeds from higher tariffs would fund measures to address the outbreak, including cash dole-outs, the order read.

The Southeast Asian nation typically imposes up to 3% tariffs on imported crude oil and refined petroleum products, government data showed.

The Philippines, among the fastest growing economies in Asia before the outbreak, is a net importer of oil. —Reporting by Neil Jerome Morales; Editing by Himani Sarkar