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President Ferdinand Marcos Jr. on Tuesday ordered the shortening of the trigger period for the release of fuel subsidies—from three consecutive months to only one month that the Dubai price per barrel exceeds US$80.
Department of Energy data showed Dubai crude was at $92.35 per barrel as on Monday. It has remained above $80 per barrel since August. “It will shorten the period within which the subsidy can be released to our drivers. Because before, it would take three months, and thedifference is quite obvious in terms of being able to help the transport sector,” he added.
“So, this time, as proposed by the Department of Budget and Management to Congress, the guidelines will need only to be agreed upon by the Department of Budget and Management, the Department of Transportation, and the Department of Energy. And these can be released upon the finalization of the list of beneficiaries,” he added.The President also approved a proposal to raise the ethanol blend for gasoline products to 20 percent from the current 10 percent by the end of the year, Lotilla said.
The utilization of the higher share of ethanol will result in lower pump prices because of the increased blend,” he said.
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