Oil Price Hike Philippines 2022 – Brimestone Academy Inc.
Whilst the global community is still recovering from the COVID-19 pandemic, we are again facing another setback which is the rising oil prices including other petroleum products. This is mainly due to the war-related trade as indicated by the escalating conflict between Russia and Ukraine and disruptions in oil production worldwide.
The impact of the oil price hike in the Philippines this year 2022 is not only limited to motorists, but also to ordinary consumers. The country’s inflation is rising with the rising petroleum products. Oil hikes resulted in to rise in costs of utilities such as water and electricity, a rise in basic food prices, and higher transport fares. Currently, the government is looking for effective measures to help its people and cope with this setback. One of the plans laid out is to distribute cash subsidies or relief assistance to public transport drivers. Practical actions by the government as described by the International Energy Agency are to be implemented such as reduction of public transport to incentivize walking and cycling, promoting car-pooling for those who are working at the same place to reduce fuel use and to adopt electric vehicles.
As the government is making efforts in managing the impact of the oil price hike, we, as individuals should also make the necessary actions to bring significant reductions in oil demand. We should motivate ourselves to limit gas usage. Unnecessary travel should be avoided, instead, consolidated trips should be practiced; energy-saving tips should also be practiced. Online buying could also help reduce gasoline usage. Also, to save up and get value for our money, we should also know the dos and don’ts when filling up our car with gas. It is recommended to fill up gasoline early in the morning when the ground temperature is cold to get a dense fuel, giving us the exact amount of fuel we ask for. Coping with the oil price hikes depends on how we work together and how well-informed we are. Significant reductions in oil demand could be achieved when government and its citizens work hand in hand.