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The Effects of Oil Price Hike to the Consumers in the Philippines

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The Effects of Oil price Hike to the Consumers in the Philippines The 19th century oil became the big part of people’s life for the machinery and vehicles that people used for their daily living. Within a year, more than 1,500 oil companies had been chartered, and oil became the dominant fuel of the 20th century and is part of the different countries economy, and Philippines are one of the countries that have an independent fuel company that started in 1978. The Filipino owned company that offers fuel products ranging from automobile gasoline to industry lubricants and services such as storage and shipping. For Filipino, oil is very important why? Because of the company that just started, planning to be independent and to be one of the develop company all over the world. The possible negative effects of oil price hike in the Philippines are the steady increases in the price of fuel on the global market and because of the importance of fuel in the production, marketing, and especially to transportation of food products and the desire of every producer, consumers and to those people involve in using oil. And to that, it increases the price of fuels used for transportation and the oil to the market, then after too that it may also affects the price of foods that being sell to the market that have been undergo to a process transferring into different places. Lastly, the higher household energy bills can contribute to price oil price hike. Gas and electricity prices typically take a steer from the price of oil, because of energy providers are using oil to produce electricity. These are the reasons of continues increase of price of the oil in the Philippines are, first, because of “the interaction between oil demand and oil supply does not work in the way most people expect it would. Even if the price of oil rises, world oil production doesn’t increase by very…...

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