Oil firms-imposed price adjustments are higher than what should be – by P 2.41 per liter for diesel and P4.76 per liter for gasoline, based on a DOE-recognized formula. The Big Three, a Duterte backer and other oil firms, rake in tens of millions of pesos daily from profiteering.
PRESS RELEASE 15 August 2011 MANILA — Labor center Kilusang Mayo Uno condemned the Big 3 oil companies for implementing a less than P2.00 rollback in the prices of petroleum products today, saying a significant rollback should be implemented to provide immediate relief to a public reeling from high prices and reduced incomes. “Meager rollbacks…
By MARYA SALAMAT Bulatlat.com MANILA — A caravan of less than a hundred public utility vehicles composed mainly of FX taxis and jeepneys drove to Malacañang April 19 to condemn the government’s “deafening silence on oil price hikes. They demanded the removal of value added tax (VAT) imposition on oil products. They also called on…
By ARNOLD PADILLA Bulatlat MANILA — It would be interesting to watch how the Oil Deregulation Law Task Force will resolve the complaint against the Big Three filed by Cebuano public officials and businessmen. The said task force has already subpoenaed the executives of Petron Corp., Pilipinas Shell and Chevron Philippines to answer charges of…
In response to the growing clamor for the scrapping of RA 8479 or the Downstream Oil Industry Deregulation Act of 1998, the House Oversight committee is, instead, pushing for its amendment. These developments should make consumers wary because these blunt calls to junk RA 8479 and to establish an entirely new set of measures to…
The oil companies and Malacañang together squeeze about P328.98 million ($6,783,092 at the current exchange rate of $1=P48.50) in unjust collections everyday from Filipino consumers. This brazen act of exploitation is downright condemnable, especially today that millions of workers face unprecedented job scarcity and poverty. BY ARNOLD PADILLA Contributor Bulatlat Pump prices continued its downtrend…
The “proper” implementation of RA 8479 or even amendments to it will not address the problem [of overpricing]. It does not have any provision on overpricing because deregulation assumes that the market will set the “fair” price. Government could not penalize the oil firms for overpricing because they do not violate any law. BY ARNOLD…
Despite the recent oil price rollbacks, IBON computations show that oil products in the country are still overpriced by P2.12 ($0.043) per liter. While the Filipino people suffers from increases in the prices of basic goods and services, oil companies earned P3.32 billion ($68,729,945) from January to November, 2006, of which more than P2.86 billion…