Oil prices still far from subsidy threshold for fishers, farmers —DA

Despite recent oil price hikes, the Department of Agriculture said Friday the threshold for giving farmers and fishers fuel subsidy has not yet been met.

At the Laging Handa public briefing, DA Secretary William Dar noted that the gasoline price should hit $80 per barrel first before the department will provide fuel subsidies.

“Itong pamimigay ng fuel subsidy ay mayroong trigger mechanism bago ibigay... na dapat ma-reach 'yung gasoline price ng $80 per barrel, wala pa tayo diyan. Malayo pa tayo dyan,” he said.

[Gasoline price should hit $80 per barrel in the world market to trigger the mechanism for the release farmers' fuel subsidy. We are still far from there.]

For this year, Dar said a P500-million budget has been allotted for fuel subsidies.

“Other than that, may mga agricultural interventions tayo na continuously ibibigay sa mga magsasaka at mangingisda" (Aside from that, we have agricultural interventions that are continuously given to farmers and fishers), he added. 

On Tuesday, oil firms implemented another big-time hike in the pump prices of petroleum products, marking the seventh straight week of price hikes.

Data from the Department of Energy showed year-to-date adjustments stand at a total net increase of P5.70 per liter for gasoline, P7.95 per liter for diesel, and P7.20 per liter for kerosene as of February 1, 2022. —LBG, GMA News