Read the story here.
I should not be that concerned about the story, because our family does not own a car (and does not plan to own one anytime soon) - I am not a first order beneficiary (I consider those who directly consume petroleum like cars and jeeps to benefit first because of this development). Ironically, this positive action of oil companies has spurred several stringent reactions from various individuals. I happen to be one of them.
First, why just now, considering the steady decline of crude prices in the global oil market? It is quite irrational for their prices not to reflect global market trends - a sustained increase in the globe must merit a similar decrease domestically if they do not have their side agenda with them. The firms answered this by saying that they have to recover their previous losses when the chose to defer price hikes for the sake of the consumers. If this is tru, then they should have long been closed had they continuously incurred losses.
Second, what is its true reason? If the firms are continuously "recovering" from their losses, perhaps the competitive pricing done by smaller companies has created a substantial effect on their revenues. They might have decreased their prices in the hope of regaining their lost patrons (who switched to these cheaper alternatives). Or they might have been struck by their consciences because of the lack of compassion for the penniless consumers. Or they might be helping to cover some conspiracy by divering the public's attention to something positive, letting them forgetting Bolante's return to the country or the "contingency fund" handcarried by the Euro Generals. Or I might just be fabricating a conspiracy theory.
Third, will this thing last? They have effected the decrease during the last two months of the year (and the business cycle). When January comes, prices might again increase, bringing another round of domestic price increases into effect, cancelling the current one time, big time decrease.
Finally, will it be felt by the majority of the population? Prices of other commodities are directly related to the price of petroleum. Because of this, will the goods market decrease its prices by the same rates? Will the endoresed fare (and LPG) price decreases take into effect? Or is this merely Santa's advanced Christmas gift to Filipinos, which will expire come next year?
Whatever the effects of this sudden rollback be, it should be good to thank the Heavens for such a relief to those vehicle owners. For those who are not, let us just hope that the effects of this decrease will be felt by some money left in our pockets the moment we conduct our normal transactions. Carpe diem!