Toiling For Oil

In a society where most are powered by fuel, I guess it is safe to say that prices of basic commodities rises and falls in direct proportion with oil prices.

In the Philippines, gasoline prices are now down to ~41.75 from ~43.50 a few weeks ago. Petition for a fare hike by the transport sector was temporarily shelved because of this. I am not sure if life insurance rates follow the same proportion or if they are exclusive from such factors. Wheat prices however, seems to be unaffected with this improvement. Local bakers are now puzzled why no price slash are being implemented.

It is said that oil prices could have even go lower if only we had a stronger peso against the dollar. The weakening euro seems to have played a role in the recent price decrease.