Effects of Stronger Peso to Gasoline Prices

Gasoline Prices PhilippinesFor so many years, the Philippine Peso was down in the dumps against other first world currencies, but recent improvements in the economy have caused a sudden and subtle recovery. Slowly but surely, the peso is climbing its way back to a healthy position similar to where it was 10-15 years ago. This is very good news. The prices of basic commodities, like imported oil, will adjust for the benefit of our country.

The constant rise and fall of oil prices in the world market results in an unstable flow of government and private transactions, leading to higher costs. This conflict, in turn, would cause hardship amongst average Filipino folks, especially to those who belong to the lowest strata of society.

The stability of gasoline prices nationwide would be a good indicator of economic success because it would result to better prices in food, water, public transportation, and many retailed products. The government will have to be cautious in its process of balancing the Philippine Peso with other currencies, particularly the US Dollar, which is globally recognized. To be able to maintain its healthy position would be great, although it would be best to see it continuously improve as time progresses. Hopefully, it can find itself in line with neighboring Asian nations that are very much competitive.

There are oil-rich countries, especially those than can be found in the Middle East, that do as much as they can to retain their prices for oil. Fortunately, thanks to newly discovered oil reserves, the distribution and cost of oil remains at a steady pace. And for the world’s function to remain at this steady pace, leaders should focus their efforts on looking for alternative resources as much as they should be focusing on maintaining the resources that we currently have. As an essential element in machinery and transportation, fuel is universally considered as an invaluable requisite in the survival of any nation. For the less fortunate Filipinos who can barely afford their basic human needs, a stable currency would literally be a life-saver.

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