Manila, Sept. 11 -- The Department of Finance is awaiting the Department of Energy's certification that crude oil prices have breached USD80 per barrel, a level that allows for the suspension of excise tax on domestic fuel products.

"The Secretary is just waiting for the certification from the Department of Energy that the price of Dubai Crude Oil has exceeded the threshold. The SOF (Secretary of Finance) Frederick D. Go is prepared to immediately propose to the DBCC (Development Budget Coordination Committee) the suspension of 100 percent of the excise taxes on LPG (liquefied petroleum gas) and Kerosene, for the President's approval," the DOF said in a statement on Friday.

This came as crude oil prices already exceeded USD100 per barre...