It can be guesstimated that the total additional profits generated by the oil firms from overpricing gasoline and diesel is about P142.50 million a day. Of this amount, P17.10 million went to government in the form of the 12 percent value-added tax (VAT).
BY BENJIE OLIVEROS Bulatlat.com The country is again facing the prospect of oil price spikes. Why? Can nothing be done about it? The country, and the world, are again being threatened with the probability of run-away increases in the prices of oil, gas, and its derivatives. New York’s main contract, light sweet crude for June…
There is no basis in the plan of oil firms to again hike the prices of their petroleum products in spite of the uptrend in world oil prices. Oil companies in the country have overpriced their products by around 16 centavos per liter from January to May this year. By IBON Foundation Bulatlat.com There is…