IN JULY 2008, the highest that the world oil price reached was at $147.00. This was when the local gasoline price was P65 per liter. The exchange rate then was at P45.60 per dollar.
If we do the ratio and proportion in today’s world oil and local gasoline prices, the local gasoline price should be less than P40 per liter instead of the current P56 per liter. Today’s world oil price is at $92 and the exchange rate is P43 to a dollar.
And why the increase in the price of oil in mid-June when world price was down? See world oil price at: https://www.oil-price.net.
I still don’t understand how the oil companies compute the retail price of gasoline.
Could the Department of Energy please help me get a clear understanding of this issue?
—JAIME CUYCO,
jimmybc809@yahoo.com