It's no joke that the prices of gasoline have indeed increased because of the world market. I remembered writing some time ago where Dilawans blame President Duterte for the increase of prices in gasoline which is just stupid. The issue of gasoline price increase is a world market issue and sadly not too many are aware of it. Now it's time to consider another issue about gasoline prices in developed countries.
Here's a bit of comparison of the prices of gasoline from different parts of the world per liter. The prices there are in US Dollars converted to Philippine peso. I just had a thought of Asian countries where I have some kind of obsession with learning from their economic successes such as Hong Kong (presidential under China), Singapore (parliamentary) and South Korea (which is semi-presidential and unitary) have more expensive gasoline per liter than the Philippines. If you do the Math then you will realize that gasoline in those DEVELOPED countries are higher than the Philippines.
Now let's review tax reform law (though I'd still like to subject it to revision whenever necessary) concerning petroleum excise tax. I guess one of the biggest problems of an economic boom is the sudden increase of traffic. If people will have increased budget thanks to a better economy then you can expect there can be massive buying. The result is that if there's too many demand for cars then there should be more of a demand for gasoline, right? As the saying goes -- if you can't afford gasoline then don't buy a car!
I guess the excise taxes of the Philippines for gasoline are milder than that of the Philippines. Again, the issue with South Korea is that it has a very depreciated currency so it may also contribute to gasoline prices going higher. However, there's also the problem of supply and demand. If there's too many people and too little supply of gasoline for cars then shouldn't be the solution to increase the prices of gasoline in order to protect the buyers, right?
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