"Oh my oil"
Jeepney fares
up 50¢ as oil firms hike prices a new
By Reinir Padua and Neil Jerome
Morales (The Philippine Star) Updated March 21, 2012
12:00
|
A jeepney packed
with students and workers travels along a mountain road in Ambuklao, Benguet
province. Starting today, minimum jeepney fares will be higher by 50 centavos
in Metro Manila and four other regions. Andy zapatajr.
MANILA,
Philippines - Consumers will again bear the brunt of higher oil prices as
five petroleum firms jacked up pump prices yesterday and the Land
Transportation Franchising and Regulatory Board (LTFRB) approved an increase of
50 centavos in jeepney fares for the first four
kilometers in
Metro Manila and Regions 2, 3, 4 and 5, raising the minimum fare to P8.50.
The latest oil price increase
comes on the heels of last week’s pause in price mark-ups.
“Big three” firms
Petron Corp., Pilipinas Shell Petroleum and Chevron Philippines, along with independent
players Total Philippines and Eastern Petroleum, added 70 centavos per liter
for premium gasoline.
All five firms
increased pump prices of
regular gasoline, diesel and kerosene by 60 60 centavos per liter.
Shell said the
adjustment was implemented “to reflect the increase in international product
prices.”
Eastern Petroleum
said it is passing on to consumers the resulting increase in world prices.
Dubai crude, the
benchmark for prices in Asia, closed at $124.30 per barrel on March 14 before
easing to $122.25 per barrel last March 16. Last Friday’s price is cheaper than
the $123.65 per barrel on Mar. 9.
International oil
prices remain high given continued tensions over the nuclear program of oil
producer Iran.
Since the start
of the year, there have already been 10 oil price increases as
against three price reductions.
As of Mar. 13,
net increase stood at P5.85 per liter for gasoline and P3.20 per liter for
diesel, data from the Department of Energy (DOE) showed. There were no price
adjustments last week.
For its part, the
DOE said the reloading of the PantawidPasada cards is ongoing.
“The DOE has
reloaded PantawidPasada cardholders whose jeepneys’ plate numbers end with 3, 4
and 5,” the department said in a statement yesterday.
Cardholders
Jeepney fares up 50¢ as oil firms hike prices anew
By Reinir Padua and Neil Jerome Morales (The Philippine
Star) Updated March 21, 2012 12:00 AM
A jeepney packed with students and workers travels along
a mountain road in Ambuklao, Benguet province. Starting today, minimum jeepney
fares will be higher by 50 centavos in Metro Manila and four other regions.
Andy zapatajr.
MANILA, Philippines - Consumers will again bear the brunt
of higher oil prices as five petroleum firms jacked up pump prices yesterday
and the Land Transportation Franchising and Regulatory Board (LTFRB) approved
an increase of 50 centavos in jeepney fares for the first four kilometers in
Metro Manila and Regions 2, 3, 4 and 5, raising the minimum fare to P8.50.
The latest oil price increase comes on the heels of last week’s
pause in price mark-ups.
“Big three” firms Petron Corp., Pilipinas Shell Petroleum
and Chevron Philippines, along with independent players Total Philippines and
Eastern Petroleum, added 70 centavos per liter for premium gasoline.
All five firms increased pump prices of regular gasoline,
diesel and kerosene by 60 60 centavos per liter.
Shell said the adjustment was implemented “to reflect the
increase in international product prices.”
Eastern Petroleum said it is passing on to consumers the
resulting increase in world prices.
Dubai crude, the benchmark for prices in Asia, closed at
$124.30 per barrel on March 14 before easing to $122.25 per barrel last March
16. Last Friday’s price is cheaper than the $123.65 per barrel on Mar. 9.
International oil prices remain high given
continued tensions over the nuclear program of oil producer Iran.
Since the start of the year, there have
already been 10 oil price increases as against three price reductions.
As of Mar. 13, net increase stood at P5.85
per liter for gasoline and P3.20 per liter for diesel, data from the Department
of Energy (DOE) showed. There were no price adjustments last week.
For its part, the DOE said the reloading of
the PantawidPasada cards is ongoing.
“The DOE has reloaded PantawidPasada
cardholders whose jeepneys’ plate numbers end with 3, 4 and 5,” the department
said in a statement yesterday
Cardholders can now use their P1,200 credits
in participating gas stations nationwide.
The DOE earlier completed the reloading of
cards for jeepneys whose plates end in numbers 0, 1 and 2 and said that it will
reload the cards of the remaining beneficiaries in the coming days.
The PantawidPasada Program, which started in
May last year, is a P120-million government program to cushion the impact of
high fuel prices on the public transport sector.
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Oil price hike is one of people’s economic problems and that
is the reason why I chose this article to share my reactions. Honestly, I’m not
used or I don’t read and watch news about our economy I just ignore it but
lately with the help of this project on posting reactions about the issues in
our country, I discovered myself getting interested in some economic issues in
the Philippines and to have information too.
Nine years ago, I can still remember my fare was just two
pesos only in riding tricycle as I went to school and back home. As I compare
right now to seven pesos as SP and eight pesos for regular passengers. I
realize that every year there will be an increase of the oil price that affects
people, in terms of the living status that the income of my parent’s is just enough
to sustain the needs in life. Even though the price rise, the consumer will
still force to buy even the budget is not enough. The tendency of this, poor
people will suffer because of the small income and there still more increase of
oil.
In reality, we all
lived in a scarcity world that maybe one of these days my needs will be lessen
like oil due to the continue of increase in price. I can relate to this because
as a student who commutes just to go to school will also suffer due to the increasing
fares. I have no power if the price still increases because they are the source
of that product that people need it for their living in order to gain money. I
have no choice but to buy and pay how high the price because they were superior
to us in comes in the oil supply.
Suppliers and manufacturers will benefit a lot rather than
the consumers. This issue is very situational because if only gasoline increases
its price that only means there is a low of supply in gas. There will be a big
cost of money to spend through many processes and it will go to the government
to get permission of the product they want to sell.
I can’t predict what will happen next
but all I can say is, we must accept the fact that we are living in a scarcity
world. I suggest that the fares as well as incomes will be balance that all of
us can benefit of that product.
