March crude price needed before triggering release of fuel subsidy for farmers, fishers — Dar

Agriculture Secretary William Dar on Friday said the data on March’s crude price is needed to trigger the release of the P500-million budget for the farm sector's fuel subsidy amid the successive increase in the pump prices of petroleum products.

“The trigger is three consecutive months of average price of petroleum of $80 per barrel,” Dar told GMA News Online.

“We need the March pricing first,” he said.

The DA earlier said the threshold for giving farmers and fishers fuel subsidy has not yet been met despite the recent oil price hikes. 

The Agriculture Department has a budget of P500 million to provide assistance through fuel discounts to farmers and fisherfolk who either individually own and operate agricultural and fishery machinery or operate through a farmers organization or cooperative.

The subsidy is aimed at mitigating the impact of elevated fuel prices on production and transport costs of farm and fishery products.

Global benchmark Brent crude hits $105.79 per barrel, its highest in eight years, before settling at $99.08 a barrel on Thursday after Russia attacked Ukraine which aggravated concerns about global oil supply, according to a report by Reuters.

Duterte’s economic managers said that it is closely monitoring the factors affecting the oil prices in the country and ready to provide targeted relief assistance to alleviate the impact of the recent spike in petroleum prices to affected sectors. 

Effective February 22, 2022, oil companies implemented a price increase of P0.80 per liter for gasoline, P0.65 per liter for diesel, and P0.45 per liter for kerosene.

The latest price hikes brought the year-to-date oil price adjustments to a total net increase of P8.75 per liter for gasoline, P10.85 per liter for diesel, and P9.55 per liter for kerosene. — RSJ, GMA News