President Ferdinand Marcos Jr. has ordered financial aid distribution to public utility vehicle (PUV) drivers, farmers, and fishermen to cushion the impact of recent oil price hikes.
The Department of Energy (DOE) said ₱2.5 billion has been allocated for subsidies, with disbursement awaiting coordination between the DOE, DOTr, DA, and LTFRB.
Although oil prices have slightly eased following a ceasefire between Israel and Iran, the government remains cautious, monitoring global developments, including the potential closure of the Strait of Hormuz.
The DOE is also negotiating with oil companies to stagger pump price increases to lessen the burden on consumers.
Meanwhile, local fuel prices may dip next week due to calming geopolitical tensions and favorable market indicators.
Source: PhilNews24 | June 25, 2025
