The Department of Transportation (DOTr) is preparing for the possible rollout of a fuel subsidy following the spike in petroleum prices due to tensions in the Middle East.
According to DOTr Acting Secretary Giovanni Lopez, he has instructed the road transport sector to begin documentation and process the necessary requirements for the subsidy.
He explained that these preparatory steps would allow the agency to immediately provide assistance once global oil prices reach the $80 per barrel threshold.
Lopez added that the Land Transportation Franchising and Regulatory Board (LTFRB) is also studying the pending fare hike petitions filed by various transport groups.
It can be recalled that the ongoing conflict in the Middle East has affected oil shipments across several regions.
Some shipping companies earlier announced that they would suspend operations along routes impacted by the situation.
