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Despite
Rollback: Oil Products Still Overpriced by P0.55 per Liter
Latest IBON estimates
show that petroleum products are still overpriced by as much as P0.55 per liter
in the first 11 months of 2002. This means that the P0.25 per liter rollback
that the oil players recently implemented is not only meager but also not
reflective of the movement of world crude and peso-dollar exchange rate.
IBON
Foundation
Reposted by Bulatlat.com
Latest IBON estimates
show that petroleum products are still overpriced by as much as P0.55 per liter
in the first 11 months of 2002. This means that the P0.25 per liter rollback
that the oil players recently implemented is not only meager but also not
reflective of the movement of world crude and peso-dollar exchange rate.
As such, oil firms continue to rake in millions of pesos in extra profits due to
overpricing. From January to November 20 this year, it is estimated that oil
companies have already earned P854 million on top of their regular earnings by
not reflecting in their pump stations the true effect of world crude and foreign
exchange movement.
The so-called Big Three cornered a bulk of this amount, accounting for around
P738.81 million based on their actual share to total petroleum products sales as
of first semester 2002.
Table.
Estimated Overpricing/Profiteering, January to November 2002
|
Overpricing
(Under pricing)/Profiteering
|
|
|
Month
|
Per
Liter
|
Per
Day
(In P million)
|
Per
Month
(In P million)
|
|
January
|
(0.051)
|
(26)
|
(800)
|
|
February
|
(0.12)
|
(6)
|
(173)
|
|
March
|
(0.67)
|
(35)
|
(1,070)
|
|
April
|
0.48
|
25
|
742
|
|
May
|
0.49
|
25
|
783
|
|
June
|
(0.08)
|
(4)
|
(124)
|
|
July
|
(0.22)
|
(11)
|
(351)
|
|
August
|
(0.01)
|
(1)
|
(16)
|
|
September
|
(0.09)
|
(5)
|
(139)
|
|
October
|
0.68
|
35
|
1,077
|
|
November
|
0.60
|
31
|
926
|
|
Total
|
0.55
|
|
854
|
As
of November 20, 2002
Overpricing (Under pricing) estimates based on actual domestic consumption of
324,000 barrels per day
(or 5152 million liters per day) for first semester
2002.
Based on Dubai crude and peso-dollar exchange rate November 1-12 average.
IBON estimates based on DOE data.
IBON/Reposted
by Bulatlat.com
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