The Department of Energy (DoE) is studying the impact of fuel price hikes on the agriculture and transport sectors, as the government plans to implement a new round of fuel subsidies. READ:
“We are currently coordinating with the Department of Agriculture, the Department of Transportation, and the Land Transportation Franchising and Regulatory Board to calculate the impacts of fuel price increases on agriculture and transport sectors,” Rino E. Abad, director of the DoE’s Oil Industry Management Bureau, told a televised news briefing.
President Ferdinand R. Marcos, Jr., who rejected calls for the suspension of excise tax on fuel, has committed to expanding the fuel subsidy for the transport sector, including tricycle drivers.At the same briefing, Mr. Abad said fuel cost adjustments would heavily depend on COVID-19 curbs and interest rate hikes across the world, which could further temper economic activity and lower demand.
On the other hand, price hikes in petroleum products can be expected if the US does not hike interest rates, Mr. Abad said, citing supply side pressures triggered by the Russia-Ukraine war.
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