The Daily Tribune
Gov’t readies fuel aid amid oil price threat
President Ferdinand Marcos Jr. confirmed the government is preparing fuel subsidies for public utility vehicle (PUV) drivers and other sectors potentially affected by oil price hikes due to escalating Middle East tensions.
He noted that the Strait of Hormuz may be blocked if the conflict escalates, which would likely drive up oil prices.
The government previously provided similar subsidies to the public transportation sector during the pandemic.
Fuel subsidies are automatically triggered for PUV drivers and farmers when the price of a barrel of oil reaches US$80.
The Department of Energy is closely monitoring oil prices and potential disruptions from the Middle East.
Oil companies in the Philippines are mandated to maintain a 30-day fuel inventory to mitigate supply disruption impacts.
Gasoline and diesel prices have each increased by P1.80 per liter, while kerosene prices have risen by P1.50 per liter.
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The Philippine government is expediting efforts to roll out fuel subsidies totaling P3.1 billion to shield public utility drivers (PUVs), farmers, and fisherfolk from the impact of soaring fuel prices amidst rising tensions in the Middle East.
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President Ferdinand Marcos Jr. has ordered government agencies to monitor Middle East tensions and prepare for potential spikes in global oil prices.
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President Ferdinand Marcos Jr. announced a pause in the fuel subsidy program for public utility vehicle (PUV) drivers following a tentative ceasefire between Israel and Iran.
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The Philippine government is actively preparing to cushion the blow of potential oil and fertilizer price increases stemming from the escalating Middle East crisis.
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The Department of Transportation (DOTr) and the Land Transportation Franchising and Regulatory Board (LTFRB) are preparing to distribute fuel subsidies to public utility vehicle (PUV) drivers and operators.
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