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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Nothing new with the delayed action of the oil companies :( But still any price rollback is a welcome news. Here there hasn't been any reduction of oil prices in the last 6mths.
Gas prices are a problem everywhere..
The problem in Canada is the the lack of competition. Every gas station raises or lowers it's price exactly the same amount. Prices do vary according to location.
the thing with gas prices is that they always go 5 steps forward and 0.5 steps backwards :)
When are we going to fuel our car with water?? ^_^
ours go up and down even in an hour or two!
The oil companies never lose money that's for sure. As Andy said - it is the same thing here in Canada!
I just came back from a week long road trip. Gas prices were lower (but still high). They jumped up over 10 cents a litre overnight.
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