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The Department of Energy said the Department of Transportation will submit the proposed revision in the 2024 budget provision on fuel subsidies to shorten the trigger period for the subsidies to one month.
President Marcos on Tuesday ordered the shortening of the trigger period for the release of fuel subsidies from three consecutive months to only one month when the Dubai price per barrel exceeds $80. The country’s oil firms hiked pump prices yesterday by P0.95 per liter for gasoline, P1.30 per liter for diesel and P1.25 per liter for kerosene. The price adjustments resulted in a year-to-date net increase of P13.20 per liter for gasoline, P12.65 per liter for diesel, and P7.19 per liter for kerosene.
“We are simplifying all these requirements so that the Department of Transportation will be responsible for the list for those which are under the LTFRB, then DILG will come up with the list for those which are with the tricycle drivers under the local governments and then, DTI will take care of the rest. And that will simplify the process,” Lotilla said.
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