Manila, March 3 -- President Ferdinand R. Marcos Jr. on Tuesday said he may seek "emergency" powers to reduce excise tax on petroleum products, if Dubai crude exceeds USD80 per barrel.

Speaking at a press conference at Malacanan Palace in Manila, Marcos said the proposed tax cut amid the Middle East crisis is "not yet a sure thing."

"There is also a proposal that we will examine further. I am going to talk to the leaders in both the House and in the Senate," Marcos said.

"This is something that we are discussing and it could be helpful - to give me, the President, the authority to reduce excise tax on petroleum products, should Dubai crude exceed USD80 per barrel."

Speaking to reporters, Finance Secretary Frederick Go said the conting...