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Lacson says difficult times ahead with super big time fuel price hike

“We need to tighten our belts and brace for difficult times” with the non-stop rise in fuel prices, Negros Occidental Gov. Eugenio Jose Lacson said on Sunday, March 13.

Fears of a major petroleum supply crunch have been reported to have sent prices to a global high of $139 a barrel.

This is expected to cause a super big time increase on Tuesday of between P11.80 to P12 per liter for diesel, P6.90 to P7.20 per liter for gasoline, and P9.70 to P9.80 per liter for kerosene.

This is the 11th straight week oil prices have continued to soar, as tensions between Ukraine and Russia continue.

A two-day transportation strike is set in Bacolod City on March 21 to 22.

“Definitely the weekly increase of fuel prices will really make it difficult for our economy,” Lacson said.

“The country has experienced an oil crisis before but what is even more difficult now is we are just coming from the COVID-19 pandemic”, he said.

The oil crisis makes it really hard, there will be more pressure for increases in minimum wage and fare rates, he said.

“We are really facing very difficult times”, he said, but as a country we cannot do much since it is a global problem.

The government can stop collecting excise tax but it will lose P1 billion a day, Lacson said.

Considering the country owes P12 trillion already it’s very hard to just give up the excise tax, he said.

The subsidy earmarked will help but we don’t know how long the crisis in Ukraine will persist, he said.

Even local tourism will be affected by the soaring fuel prices because people will have to think twice about travelling, Lacson said.

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