On Gasoline ca 1975: A Liter of Gasoline costs PhP0.30 and contains Lead as additive. Shell and Caltex were the major players then. The government regulates petroleum prices. $1 = PhP2 1995: A liter of gasoline costs around PhP 9. Pump prices are still regulated. $1= PhP 32 1997-1998: Asian and global financial crisis sent the economy into a tailspin. The Peso depreciated even further to around 45 to a dollar. Pump prices is pegged at 27 to 30 a liter. The world seems to end. 2014: Pump prices average 52 to 54 a liter. The us dollar at 45. The world did not end despite imminent wars in the middle east, invasions by Russia, Justin Bieber, and Kris and Bistek. That is called hedonic adaptation.
Posted on: Tue, 22 Apr 2014 14:12:14 +0000
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