Gov’t OKs fuel subsidy for PUV drivers amid rising oil prices
MANILA, Philippines — The Department of Transportation (DOTr) on Tuesday, June 24, announced that fuel subsidies for public utility vehicle (PUV) drivers and operators will be distributed following the skyrocketing oil prices.
Global oil prices have surged following rising conflicts in the Middle East after Israel struck Iran, with the United States following suit.
“Nakahanda ang Department of Transportation at Land Transportation Franchising and Regulatory Board (LTFRB) na magbigay ng fuel subsidy sa mga PUV driver at operator,” the agency said in a statement to reporters.
(The Department of Transportation and the Land Transportation Franchising and Regulatory Board are ready to give fuel subsidies to PUV drivers and operators.)
Even unconsolidated PUVs will be given fuel subsidies.
However, the DOTr has not specified when the subsidies will be released.
The agency is coordinating with the Department of Energy, Department of Interior and Local Government, Department of Information and Communications Technology and Landbank of the Philippines for the distribution of the subsidies.
While fuel prices are already on the rise, worsening conditions in the Middle East may exacerbate them further.
Tehran is contemplating whether it would block the Strait of Hormuz—one of the world’s most vital passageways for oil from the Middle East to the global market. The closure of the strait would further drive up global fuel prices.
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