Cutting deeper
Anyone would think the Covid-19 virus was enough of a devil to have disrupted economies all across the globe.
Of course, it is not — it’s just the instigator of more suffering, it seems.
Fuel prices have been rising week after week. Last we heard, it’s up by almost P20 more now than when the year started, and that — as everyone would agree — is steep.
The costs, and we don’t just mean the money, are high as well.
“Year-to-date adjustments stand at a total net increase of P19.65 per liter for gasoline, P18 per liter for diesel, and P15.49 per liter for kerosene,” a GMA-7 report says.
The explanation for this series of increases is this: “Pump prices have been going up since bad weather in the Gulf of Mexico disrupted petroleum production, and persisted as major crude oil producers, including the Organization of Petroleum Exporting Countries, Russia and their allies did not announce new plans to increase their output during their latest meeting held earlier this month,” according to an article in the Philippine Daily Inquirer. Meanwhile, increased demand is also seen as a factor for the rise in prices. Under Alert Level 3, plus the impending holiday season, economic activity has picked up.
Millions of families, however, continue to be cash-strapped and live hand-to-mouth due to lost livelihood sources. Those peso increases week by week, in the end, affect them most of all. In a practical sense, that P20 increase from January to today translates to a thousand-peso difference on one’s budget. The pain cuts deep, indeed, especially during a season of expected holiday expenses.
On top of everything else — including profits that nosedived, businesses that closed, a job loss, a salary cut, hospital bills or regular costs for the new essentials — higher gasoline prices mean an unwanted increase in transport fares and prices of goods, too.
And it’s not as if it will be reaching a plateau anytime soon. According to Unioil’s “fuel price forecast for the 27 October to 1 November 2021 trading week… the price per liter of gasoline may increase by P1.10 to P1.20.” Count in diesel prices as well, which transport and industry use for the most part.
As it always happens, the ones most affected are powerless to do anything about it. Only when economic experts say the fuel price hikes could adversely affect the Philippines’ prospects of recovery from the coronavirus pandemic, and even our gross domestic product, would some leaders see the need to act on it as soon as possible, especially at this time.
With the elections fast approaching, politicians are probably thinking about how disgruntled, hungry people may affect the vote.
Over three million people lost their jobs due to continued lockdowns to control the spread of the highly transmissible Delta coronavirus variant.
The Filipinos’ ability to bounce back from catastrophes and calamities continues to be tested, with the usual challenges aggravated by the effects of the pandemic.
Fuel hikes, fare hikes, price hikes — along with health restrictions, lack of mobility, a long road to economic recovery — Christmas might as well take a hike.
Government’s plan to offer subsidies to help the affected sectors is but a temporary salve on the wound. Longer-term, sustainable goals must be put in place if we are to survive through this pandemic, the upcoming elections and the holiday season.
Otherwise, a “happier Christmas,” as everyone wants, may soon wane into a gloomy new year.
“Longer-term, sustainable goals must be put in place if we are to survive through this pandemic, the upcoming elections and the holiday season.
“In a practical sense, that P20 increase from January to today translates to a thousand peso difference on one’s budget.