Today's transport strike may have reminded Dabawenyos about the sky rocketing price of petrol (as the British calls it) despite the appreciation of the peso agaisnt the dollar but it has definitely failed to paralyze the city. There was lesser traffic of course but there were still plenty of public utility vehicles plying the streets even after 12 noon. Economic principles would say that since fuel is purchased in dollars. the Philippines would have lower gas prices by now because of the peso's appreciation. Oil capitalists however say the high fuel price is attributed to the continued inrease of oil in the world market. Does it make sense to you?
