OIL PRICE HIKE NEXT WEEK; FUEL SUBSIDY PROGRAM

Fuel subsidy for agriculture and transportation sectors (Photo courtesy of Rappler)

A new increase in the price of petroleum products is expected next week. According to the Department of Energy Oil Industry Management Bureau (DOE-OIMB), the expected increase in price per liter of diesel is P0.80-P1.00. While P0.85-P1.00 per liter of kerosene. Gasoline may not change in price or may increase by P0.20 per liter.

Meanwhile, the Land Transportation Franchising and Regulatory Board (LTFRB) also aims to distribute the fuel subsidy for drivers and operators of public transport by May.

They are just waiting for the Department of Budget and Management (DBM) to release the funds for this. Congress approved P1.6 billion for the fuel subsidy that will be distributed among drivers, riders, and operators.

According to LTFRB Chairperson Atty. Teofilo Guadiz III, "We are already working on that, we are giving the DOTr our mother unit so that the DBM can know and your funds will be released so that we can give your fuel subsidy hopefully by next month".

Guadiz clarified that drivers and operators of public jeepneys that failed to enter the consolidation under the public utility vehicle or PUV modernization program will still receive fuel subsidies by May.

Moreover, P3,000 fuel subsidy for fishermen and farmers, expect in the next few weeks. According to the Department of Agriculture, the government is just finalizing the rules for the distribution of the fuel subsidy.

Source: Philippine News Agency

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