Filipino drivers to receive fuel subsidies as oil prices rise

The government of the Philippines has announced a 2.5 billion Peso (US$47m) relief fund to subsidise fuel costs for public utility vehicles, taxis, tricycles, ride-hailing apps and delivery services.

The fuel subsidies will provide welcome relief as drivers are facing significant increases in the cost of petrol and diesel.

Since the Russia-Ukraine conflict began on the 24^th February, the price of crude oil jumped from around $90 a barrel to $124 in two weeks. Although prices have fallen again in the last week, the price is likely to remain volatile for some time as geo-political tensions around the world continue to simmer.