Gas prices in the Philippines are indeed at record highs after oil firms implemented a major price hike on Tuesday, March 15, marking the 11th straight week of increases, with domestic pump prices already hitting P84.55 per liter in select areas across the country.
Public utility vehicle drivers are among the sectors greatly affected by the high diesel prices. Without increasing the minimum fare, one driver said he was considering selling his jeepney to a junk shop to turn it into money instead. Some would cut short their route or park their jeepney after rush hours, when fewer passengers are on the road.
With the ongoing conflict between Russia and Ukraine, a major price rollback probably won’t happen anytime soon, and the government needs to consider alternative solutions to address the effects of these rising fuel prices.
The National Economic and Development Authority (NEDA) recommended reducing the workweek to four days, 10 hours per day, to conserve energy and alleviate the public’s expenses amid big-time oil price hikes. President Rodrigo Duterte is set to announce his decision this coming Monday, March 21. Meanwhile, for long-term options, the government should accelerate investments in renewable energy and e-vehicles to reduce dependence on oil.
Lawmakers and motorists alike also brought up the idea of suspending the collection of excise taxes on petrol products in light of the rising fuel prices; unfortunately, that won’t happen due to the recommendation made by the Department of Finance (DOF) and approved by President Rodrigo Duterte to retain the excise taxes to avoid further government revenue losses that could amount to a total of P105.9 billion in 2022.
For now, the government has been providing P6,500 fuel subsidies to public utility vehicle drivers and operators, and according to the Land Transportation Franchising and Regulatory Board executive director Maria Kristina Cassion, around 35,000 of the 136,000 initial cardholders have received their fuel cash subsidy and will complete the distribution by Friday.
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Reference
MSN. (n.d.). Driver eyes selling jeepney as junk as diesel price spikes. [online] Available at: https://www.msn.com/en-ph/news/national/driver-eyes-selling-jeepney-as-junk-as-diesel-price-spikes/ar-AAV5bAm?ocid=msedgntp [Accessed 17 Mar. 2022].
MSN. (n.d.). Duterte’s decision on 4-day workweek proposal known Monday –Palace. [online] Available at: https://www.msn.com/en-ph/news/national/duterte-s-decision-on-4-day-workweek-proposal-known-monday-palace/ar-AAVaQvK?ocid=msedgntp [Accessed 17 Mar. 2022].
MSN. (n.d.). PH gov’t will continue collecting excise taxes on fuel despite recent price hikes. [online] Available at: https://www.msn.com/en-ph/autos/news/ph-gov-t-will-continue-collecting-excise-taxes-on-fuel-despite-recent-price-hikes/ar-AAV8dV7?ocid=msedgntp [Accessed 17 Mar. 2022].
MSN. (n.d.). Fuel subsidy released to 35K of 136K card holders so far –LTFRB. [online] Available at: https://www.msn.com/en-ph/news/national/fuel-subsidy-released-to-35k-of-136k-card-holders-so-far-%e2%80%93ltfrb/ar-AAV6YCA?ocid=msedgntp [Accessed 17 Mar. 2022].
