MANILA, Philippines -- (UPDATE) The so-called "Big 3" oil firms -- Pilipinas Shell, Petron Corporation, and Chevron (formerly Caltex) -- will cut the prices of their gasoline and kerosene products by P1 per liter effective Saturday, officials said on Friday.
The rollback will take effect 12:01 a.m. Saturday, said Shell vice president for communications Roberto Kanapi, Petron public affairs manager and spokesperson Virginia Ruivivar, and Chevron communications manager Toby Nebrida.
There will be no cut in the price of diesel, they said.
http://newsinfo.inquirer.net/breakingnews/nation/view/20081107-170866/Big-3-cutting-prices-Saturday
According to this article, Big 3 oil firms announced that their gasoline and kerosene price will going to decrease by 1 peso. I think this is not a low decrease rate. If we compute this to the percentage, cutting the price of 1 peso could be approximately 2.5%, because due to present oil price is 45 peso per liter. It really can be a big deal to the factories which are very dependent on oil consume for generating machines and etc. Also it is a very good advantage to transportation corporations even without cut price of 1 peso. If I think back to about two or three month ago, the economic situation back than was terrible especially in oil price. The price increased up to 53 pesos per liter, so economic prices were steadily increasing. All the people with a transportation device are scared about the increased oil price even when recently that the oil prices have been already decreased. But present oil price per liter decreases almost to 44pesos. The price differential is almost 7 pesos. The point is LTO does not seem to cut the transportation price. We still need to pay additional 10 peso when we ride a taxi. I understood when LTO announced that all transportation fare increase due to oil crisis. Of course I also agreed with that policy. But now the situation is totally different from before. Oil prices went down, but the economic is still going towards a negative situation, like for example people still all suffer from the global economic crisis. I think we do not need to pay more transportation fare anymore. We need to economize the expenditure in present situation. I think it is so unfair. It means, only transportation drivers and owners had suffered during the oil crisis but this is different, all people are suffering from economic crisis now. The advantage might be reversed into an opposite way.
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4 comments:
It is good the oil prices are decreasing by the big oil firms so that goods and commodities will decrease. Base on my experience this is not exactly efficent when I drive since I noticed it gets very traffic and I tend to consume mor gas since I stay longer on the road. All in all there are good and bad effects in the increase or decrease in gas prices.
Good news for everyone. Means that the prices of public transportation and products will also shrink. Although other goods will increase this coming Christmas, its a good thing the "big three" will cut the price of gasoline.
This one is good news because oil prices became a major problem for many Filipinos since it started to increase. Now, at least the oil prices already decreased and I hope somehow will help people to save money.
This coming Saturday?? I've got to take advantage of it. Although the price of gasoline still continue to go down, you'll never know it might go up again.
Yet, it's good news not just for me but for the everyone and this will help save them money especially in a season of overpricing of products this coming Christmas.
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