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Marcos: Fuel subsidy on hold while oil prices are down
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.
He stated that the conflict's impact on the Philippine economy is expected to be manageable.
Marcos clarified that fuel subsidies are only considered when oil prices rise, and current prices have not significantly increased.
The price of oil fell to $69 per barrel, while the threshold to trigger the subsidy mechanism is $80 per barrel.
The government is currently guarding against price gouging and sees no reason to increase the prices of other goods with fuel prices still down.
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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.
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President Ferdinand "Bongbong" Marcos Jr. stated that the escalating tension in the Middle East is not significantly impacting the Philippine economy, citing a ceasefire agreement between Iran and Israel.
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The Philippine government is prepared to provide fuel subsidies to public utility vehicle (PUV) drivers, farmers, and fisherfolk should global crude oil prices surge.
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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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The Philippine government is prepared to release fuel subsidies to over 1.1 million public transport drivers if global crude oil prices exceed $80 per barrel due to the ongoing Israel-Iran conflict.
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