Took a snap at this sign while I was filling up at Shell. A 1.50-peso rollback in oil prices took effect on Sunday after cost of oil fell by $7 per barrel last week. It took oil companies a week to reduce prices whereas price hikes usually take effect immediately. I believe the rollback should be more than 1.50 pesos per liter. The seemingly slow response of oil firms in reducing prices exasperates the public, especially the transportation sector. But what is more annoying is seeing the government's helplessness in this situation. Unlike in other Asian countries where gas prices are subsidized, the petroleum industry in the Philippines is deregulated, forcing consumers to pay free-market rates for gas. In this year alone, gas prices here went up 18 times!
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