Oil Price Hikes – A Global Issue

First there was an oil Price hike, then transport operators petitions for a fare hike, prices of basic commodities increases, the labor union asking for wage hike. These are common news items in Filipino news notwithstanding the impeachment trial that is happening. People particularly the radicals are questioning why the government is not doing something about the prices of oil. The truth behind it, it is not only the Philippines that is suffering from oil price hikes but every country dependent on oil.

Unleaded Gasoline Price Comparison
Country PhP Equivalent
US US$3.74/gal PhP 42.45/l
PH - Php 58.45/l
AU AU$1.56/l PhP 69.71/l
UK 140.20p/l PhP 95.39/l

Note: Mid-March prices

With above data, the Philippines is not alone, oil price hikes is a global phenomenon that only the reduction of oil dependency will reduce these prices. Brazil is a good example, their alternative fuel program from sugar cane is very successful.

Governments can only do so much. This however does not free them from doing their job.