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Manila Bulletin devider Business devider BBM seeks fuel cost analysis for add'l subsidy to farmers, drivers

BBM seeks fuel cost analysis for add'l subsidy to farmers, drivers

Published Jul 8, 2022 04:25 pm

President Ferdinand Marcos Jr. has directed the officials of the Department of Energy (DOE) to submit a comprehensive report on oil price swings as well as the cost impacts of rising fuel prices to the public utility vehicle (PUV) drivers and the agricultural sector as basis for potential additional subsidies to these sectors.

An energy official who was privy to the discussions at the Malacanang meeting said that the "top area of concern” of President Marcos is a thorough analysis of oil prices and the estimated cost-impact to public transport and farmers.

Also, the source added that the "point of discussion" with the President on the two critical sectors, could be in preparation for possible additional allocation for financial assistance under the earlier-approved 2022 national budget.

“The recommendation is to source the financial subsidy from additional revenues that shall be collected from taxes caused by the increasing prices of oil,” the official stated.

It was primarily emphasized that since value added tax (VAT) collections correspondingly increase when oil prices are on upticks, then part of the financial subsidies to be given to the critical segments of the transport and agriculture sectors shall be taken from such revenues that are flowing into the State coffers.

As an initial step, the source conveyed that “what’s being required from the DOE will be the report on the oil price analysis,” then the expected next steps of providing additional fuel subsidies to be earmarked on the recommendation of the Department of Finance.

In the past six months, Filipino consumers had been heavily distressed with relentless price spikes at the petroleum pumps, but there will likely be twist of fate next week with calculated hefty pump price rollbacks of P5.00 to P6.00 per liter across fuel products.

This week, international benchmark Brent crude had dropped to as low as $104 per barrel from last week’s $111-$112 per barrel, hence, the price decline is already well anticipated at the Philippine petroleum pumps by Tuesday (July 12).

Beyond the tumbling global prices though, there is a cost-offsetting factor that will affect domestic oil prices – given that the Philippine peso’s value had fallen to the record P56 level this week.

Trading prices in the international market as well as the foreign exchange (forex) rate are the two major factors affecting weekly price adjustments at the pumps. On the farther side, the other elements would be biofuel components being blended to the products as well as freight costs and premium charges.

Related Tags

#BBM #DOE #OILPRICES #ANALYSIS #FUELSUBSIDY #TRANSPORT #FARMERS
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