Manila, March 18 -- President Ferdinand R. Marcos Jr. on Wednesday said the possible suspension of excise tax on oil products would depend on global price movements amid uncertainties stemming from tensions in the Middle East.

Marcos, in a media interview in San Juan City, said the government is carefully studying the situation before deciding on any intervention.

Marcos noted that exercising the power to suspend excise tax requires a thorough assessment of multiple factors.

"That depends. Marami (There are so many to consider). It's a very complicated calculation. We will see. It depends on the trends. We have to watch the trends on oil prices. We will just have to look. It's very hard to say because it's all speculation," he said.

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