Oil companies have agreed to stagger what would have been a one-time big-time hike in fuel prices.
Aimed at easing the burden of potential larger price adjustments in the domestic market, particularly on the transport and agriculture sectors, the proposed staggered approach seeks to cushion the impact on Filipino consumers by distributing price movements over a more manageable period.
A subsidy program for operators and drivers of public utility vehicles is also being readied amid worries that the escalating conflict in the Middle East will cause global oil prices to further spike.
Source: ABS-CBN News