Govt to provide P2.5B fuel vouchers to PUV drivers

The Philippine government is preparing P2.5 billion in fuel vouchers for public transport drivers as a response to the global spike in oil prices following Russia's attack on Ukraine.

The Department of Transportation's fuel subsidy program will benefit 377,000 drivers through the allocated funds.

This initiative is in addition to the Department of Agriculture's P500 million budget aimed at assisting affected farmers and fisherfolk.

The Development Budget Coordination Committee stated that the government is prepared to offer targeted relief to sectors impacted by rising oil costs, particularly public utility vehicle drivers, farmers, and fisherfolk.

Prior to the recent geopolitical events, the Philippines had already experienced eight consecutive weeks of fuel price increases.

The year-to-date net increase in fuel prices has reached P8.75 per liter for gasoline, P10.85 per liter for diesel, and P9.55 per liter for kerosene.

The Bangko Sentral ng Pilipinas had previously projected Dubai crude to average $83.3 per barrel, with an expected deceleration to $79 by the end of 2022.