The expected oil price hike for 2019 has taken effect last January 15, 2019 due to the increase of petroleum price in the global market and with the second tranche of exsice tax on oil. The continous increase of oil price which the country has encountered have burdened of Filipinos. How will the government resolve this problem? Will the oil price hike continue to affect Filipino consumers?
Each year, oil prices in the country encounter increases and rollbacks. This then has taken its toll on the people as their budget is affected by the hike and as they feel relief with a roll back. The continued inflation of petroleum price in the world market has resulted to a more expensive price compared to the previous years.
https://www.statista.com/statistics/262858/change-in-opec-crude-oil-prices-since-1960/
The circumstances have changed drastically,” Finance Secretary Carlos Dominguez III said at a media briefing yesterday
Read more at https://www.philstar.com/headlines/2018/11/30/1872987/no-more-stopping-2nd-fuel-tax-hike-january-2019#kQxx6ERI7zcBDv3E.99
The January 15, 2019 oil price hike has greatly increased the oil prices in the Philippines due to oil-producing companies cutting their supply to stabilize oil prices. According to the DOE, over 400 gasoline stations nationwide have begun charging higher amid the excise tax hike under tax reform law, which places an additional ₱2 per liter excise tax on diesel and gasoline, ₱1 per liter of kerosene, and ₱1 per kilogram of cooking gas or liquefied petroleum gas (LPG) for 2019.
Reaf more at: http://cnnphilippines.com/news/2019/01/14/oil-price-hike-january-2019.html
Considering that this problems on oil price hike as affected the country and its consumers for many years, the government has been yearning to acquire alternative measures to attain fuel resources for a less expensive oil consumption.
In an article from the Department of Energy regarding Alternative Fuels and Energy Technology it is stated, “In pursuit of improving the country’s energy security as well as to contribute in mitigating the adverse environmental effect of energy utilization, the government is continuously implementing programs that promote the utilization of alternative fuels and new and advance energy technologies to effectively diversify and manage the country’s utilization of energy resources. Key initiatives under the said programs include the implementation of the Locally Funded Project – “Alternative Fuels for Transportation and Other Purposes” which aims to introduce alternative fuel vehicles and promote emerging and advance energy technologies.”
Read more at: https://www.doe.gov.ph/alternative-fuels/alternative-fuels-and-energy-technology
With the successive changes in the country’s economy and with the increase and decrease of oil prices in both the national and world market, the government is required to adapt and provide solutions in stabilizing oil prices. In order to ease the fuel consumption of the Filipino’s the government must implement alternative resources and indulge unto oil conservation.
The DSPC 2018 