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 24th 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.
Q1. What is meant by the term subsidy?
Q2. Explain how a fuel subsidy is likely to help Filipino drivers.
Q3. Using demand and supply analysis, draw a diagram to depict the situation described in the article.
Q4. Explain why the price of oil has increased since the Russia-Ukraine conflict began.
Click here for the source article
China’s economy started 2025 with stronger-than-expected momentum, growing by 5.4% in Q1—comfortably above forecasts of…
It’s a dramatic move—but one the U.K. government believes is essential for national economic security.…
A new chapter in the U.S.-China trade war is unfolding—and it’s one that economists fear…
The U.K. economy is still stuck in low gear. The Office for Budget Responsibility (OBR)…
PepsiCo is planning to acquire prebiotic soda brand Poppi for $1.95 billion, marking a major…
South Africa has announced a three-year, 1 trillion rand ($54.5 billion) public infrastructure plan aimed…