President Ferdinand Marcos Jr. said on Wednesday there may no longer be a need to implement the planned fuel subsidy program following the recent drop in global oil prices.
In an ambush interview during his visit to Capas, Tarlac, Marcos said that the government was prepared to roll out the fuel subsidy if global oil prices continued to rise. However, the situation has since changed.
“Kung hindi nagbago ang presyo, then we do the same like before. Ang sinasabi namin ay hindi ayuda, subsidy kapag tumaas ang presyo,” the President explained.
“Kung hindi tumaas ang presyo ng langis then there’s no need for that. We can proceed–we can do business as usual,” he added.
According to Marcos, the benchmark for the government to release a fuel subsidy is when the global price of oil reaches $80 per barrel. As of yesterday, the price had dropped to around $69 per barrel.
The planned subsidy program was intended to assist critical sectors such as public transportation operators, farmers, and fisherfolk—groups most vulnerable to oil price hikes.
On Tuesday, June 24, major oil companies announced a price increase of P1.75 per liter for gasoline, P2.60 for diesel, and P2.40 for kerosene, citing rising geopolitical tensions in the Middle East.
Despite this recent local price adjustment, the Department of Energy (DOE) is not pushing for subsidy activation just yet.
In an interview with DZRH Dos Por Dos, DOE Officer-in-Charge Sharon Garin said that discussions are ongoing and will continue until Friday to assess the current pricing system, especially in light of a possible second oil price hike expected tomorrow.
The government is closely monitoring the situation to determine whether fuel assistance will be necessary in the coming weeks, but for now, the subsidy appears unlikely to move forward.
