Manila: President Ferdinand R. Marcos Jr. is advocating for a "balanced" approach in response to escalating oil prices, according to Malaca±ang on Wednesday, as the government evaluates potential assistance for impacted sectors.

According to Philippines News Agency, Palace Press Officer Claire Castro informed reporters that the President has instructed relevant government officials to examine the situation closely amidst the ongoing surge in fuel prices, which could result in increased transport fares and higher costs of essential goods. Castro emphasized the President's desire for comprehensive support, stating, "What the President wants is for no one to be left behind. Everyone must be helped in the proper and balanced way."

Castro noted that the Department of Transportation is currently exploring possible measures to mitigate the effects of the oil price hikes. Potential assistance for both the transport sector and consumers is under consideration, as any increase in transport fares could lead to a rise in the prices of goods and other commodities.

The government is also reviewing requests from transport groups, including a proposal to fully implement a previously suspended PHP1 provisional fare increase for public utility vehicles. Castro mentioned that this proposal is being examined alongside potential support for the transport sector, aiming to cushion the impact of fuel price increases while safeguarding consumer interests.

When questioned about the status of proposals to suspend or remove the excise tax on fuel products, Castro indicated that there is no update yet from the UPLIFT Committee. Established under Executive Order 110 issued in March, the UPLIFT Committee is an inter-agency body tasked with exploring measures to alleviate the impact of rising fuel prices, including potential adjustments to fuel taxes and other interventions to ease the burden on consumers and affected sectors.