Cheaper goods, fares after oil price drop

CONSUMERS press for adjustments in the prices of basic goods and fares after oil firms cut oil prices by as much as R2.25-R2.50 per liter. Adjustments in order. Time for cheaper goods and lower fares.

*** Oil giants Pilipinas Shell and Petron Corp., independent players Unioil Corp. and PTT Philippines lead in cutting oil prices, followed by other oil players over the weekend.

Thanks to the law of supply glut, global oil prices have fallen.

*** The extreme glut in supply, primarily in the shale gas-swamped North America and the Middle East, has pulled down oil prices to the $70 per barrel range from a high $100 per barrel in June this year.

That’s how the cookie crumbles, as the saying goes. enjoy price adjustments.

*** The Department of Trade and Industry (DTI) also says it will come up with new suggested retail prices (SRP) of basic commodities.

Prices should reflect the 30 percent decline in the prices of petrol.

*** Trade and Industry Secretary Gregory L. Domingo orders the DTI’s Consumer Protection Group (CPG) to determine how much should be deducted from the current SRP of basic commodities that include agricultural and non-agricultural products.

Lower energy and transport costs justify price adjustments.

*** “We are going over our data to check how the price drop should be reflected on the prices of basic and prime goods. The steady decline of oil prices should now have a significant impact on the prices of all products and services,” Domingo says. Assurance most welcome.

*** DTI’s Consumer Protection and Advocacy Bureau announces initial guidelines, such as: a 155-gram can of sardines should go down by R0.22; a 370-milliliter can of evaporated milk by R0.95; a 50- gram coffee refill by R0.99; and a 25-kilogram sack of flour by R25.91.

Price reduction from more products, please! Franchising and Regulatory Board, Civil Aeronautics Board, Maritime Industry Authority, and the Energy Regulatory Commission, to assess the impact of the 30 percent decline in world oil prices on trucking and shipping rates, land transportation fare, fuel surcharges, and electricity rates, among others.

Reduction in transport fares and related rates, too.

*** “We are calling on producers and distributors to share with the public the savings they are realizing as a result of the lower cost of transportation and energy, particularly on agricultural products and basic consumer goods,” Domingo pleads.

“A timely and much needed service to Filipino consumers especially with Christmas just around the corner,” he says.

*** President Aquino III, addressing the Bulong Pulungan Christmas party , welcomes the renewed optimism among the Filipinos, saying it is his wish that they be able to spend quality time with their families this Christmas.

Let cheaper goods and lower fares add merriment to the Christmas holidays, Mr. President.

*** Pope Francis, who’ll be visiting the country soon, blesses that Catholic faithful and prays that the Birth of the Redeemer “brings peace and hope to all people of goodwill.”

More help and blessings for Pinoys!