Fuel subsidies for public utility vehicles could be doubled to P5 billion to help cushion the impact of soaring pump prices as a result of the Russia-Ukraine war, President Rodrigo Duterte's socioeconomic planning secretary said.
Pump prices jumped by P5.85 per liter for diesel and P3.60 for gasoline on Tuesday, with more increases likely if the conflict drags.
The subsidy increase can be given in two tranches monthly from March, National Economic and Development Authority Director General Karl Chua told the President.
The government should increase the country's fuel buffer stock enough to last 45 days from the current 30 days.
For farmers and fisherfolk, the government is also eyeing to increase its budget for fuel vouchers to P1.1 billion from the initially approved P500 million.
The government is also encouraging oil companies to continue their discount programs for public utility vehicles so that drivers can save around P1 to P4 per liter.
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How Duterte Plans to Address Russia-Ukraine Fallout on Prices
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