The government will no longer continue its subsidy for households hit by high fuel prices during the pandemic as it shifts its focus toward food security, Finance Secretary Benjamin Diokno said.
Diokno said the government has released a total of P18.3 billion in targeted cash transfers (TCT) that benefitted at least 9.2 million affected most vulnerable households.
“The TCT program intended to alleviate the initial shocks caused by high fuel prices on the most vulnerable households. Now that our economy is recovering strongly and world oil prices are gradually stabilizing, we are shifting our focus toward ensuring food security to control inflation,” he said.
The program, which was started by the Duterte administration, granted a cash aid of P500 per month to poor households identified by the Department of Social Welfare and Development.
It has since expired on Dec. 31, with the last payout distributed between Jan. 4 to 14 this year.
Meanwhile, the country’s oil firms increased the price of gasoline by P0.95 per liter and diesel by P0.50 per liter effective 6 a.m. today (Tuesday) to reflect the movement of prices in the world oil market.
“Petron will implement the following price adjustments effective 6 a.m. on Jan 17: P0.95 per liter increase for gasoline, P0.50 per liter increase for diesel, and P0.15/li rollback for kerosene,” Petron Corp. said in its advisory.
Flying V, PTT Philippines, Chevron Philippines, Seaoil Philippines, Phoenix Petroleum Philippines, and PetroGazz issued separate advisories of the latest oil price movement.
“The main reason for the increase is the revival or growth of demand in China. It overshadowed the fear of a global recession,” Department of Energy director for the Oil Industry Management Bureau Rodela Romero said.
On Jan. 10, oil companies cut the price of gasoline by P0.75 per liter, diesel by P2.80 per liter, and kerosene by P2.10 per liter.
These resulted in total adjustments this year to stand at a net increase of P2.15 per liter for gasoline, and P0.95 per liter for kerosene and diesel at a net decrease of P0.70 per liter.