Fuel prices have dropped significantly over the last month or so, and a lot of you might be keeping your fingers crossed that it’ll stay the same even after the enhanced community quarantine (ECQ) has drawn to a close.
Unfortunately, that won’t be the case come the end of ECQ, because Executive Order (EO) No. 113 that places an additional 10% import duty on crude oil and refined petroleum products is now officially in effect. All the proceeds from the additional tariffs will be used in the government’s COVID-19 response and relief efforts such as social amelioration programs.
“There is an urgent need to augment the government’s resources to sufficiently finance the programs and measures to mitigate the effects of the COVID-19 situation, and launch the country towards recovery and rehabilitation,” said President Rodrigo Duterte in the order.
The EO was signed by President Rodrigo Duterte on May 2, 2020, and will be in effect for the duration of Republic Act No. 11469 or the “Bayanihan to Heal as One Act.” Although this is only temporary, we can probably still expect higher fuel prices post-quarantine.
All that said, non-essential workers like us who’ve been cramped up inside our homes haven’t really been feeling the effects of cheap fuel that much, so the imminent price increase will only seem like things ‘normalizing’ for us. Besides, if these price hikes will help in the fight against the pandemic, then let’s just hope the additional funds are used wisely.