03 Apr '11, 10am

Black gold trickles down to poor

Manila (Philippine Daily Inquirer/ANN) - Filipinos, along with the rest of the world continue to reel from spiraling crude prices triggered by the continuing unrest in North Africa and the Middle East . Being a country heavily dependent on fuel imports for its requirements, the Philippines is highly vulnerable to any movement of oil prices abroad. Perhaps the most affected by these price developments are drivers of public utility vehicles, who are caught between a deregulated oil industry that allows companies to adjust prices "economically" and government-regulated fares imposed on the entire public transport sector. As local gasoline and diesel prices now threaten to breach record-high levels set in 2008, the Department of Energy has requested oil companies to help cushion the impact of rising prices by providing discounts to public utility drivers and crafting corporate...

Full article: http://sg.news.yahoo.com/black-gold-trickles-down-poor-20...

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