DBM Confirms Fuel Subsidy To Be Given to Drivers amid Oil Price Hike
DBM – The Department of Budget and Management confirmed the fuel subsidy for drivers amid the oil price hike.
The series of oil price increases in the Philippines urged several transport groups to appeal for assistance from the government. Since January, the prices of fuel increased almost every week. Several drivers expressed their sentiments that they can hardly bring home an amount that fits their family’s needs due to the high prices of fuel.
Previously, the Department of Energy explained that the oil price hikes are due to the huge global demand for oil. The authorities warned the people that the oil price increase may continue until May or June.
Unfortunately, the ongoing war between Ukraine and Russia may be another factor that could lead the prices of oil to further go up. Not only public utility vehicle (PUV) drivers but as well as private vehicle owners, businesses, and even ordinary commuters are affected by the oil price hikes.
Amid the series of oil price increases in the Philippines, the Department of Budget and Management (DBM) announced that fuel assistance will be released for the PUV drivers. Based on a report on ABS-CBN News, there are 377,000 target beneficiaries of the fuel subsidy under the Department of Tourism (DOTr).
Speaking to TeleRadyo, Budget Department Acting Secretary Tina Rose Marie Canda said that the beneficiaries who will receive P6,500.00 fuel assistance include drivers of jeepneys, buses, delivery services,m and tricycles. DBM released P3 billion for fuel assistance for drivers. As the Ukraine-Russia war continues, there are expectations that the oil prices could possibly reach up to $100 per barrel.
According to Canda, the downloading of the fuel assistance is already under the DOTr. Reportedly, diesel prices increased by P5.00 per liter this week while gas prices jumped by more than P3.00 per liter.
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