Tags: oil price hikes

Oil firms profiteer from returning jeepneys, motorists as pandemic rages on

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.

Excessive oil price hikes under deregulation worsen TRAIN impact

Looking at the local oil price movement from the start of the year up to May 15, the price adjustments in diesel may have been “excessive” by about P1.03 per liter and gasoline by P1.34 centavos per liter. This resulted in about P53.74 million additional collections every day from diesel and gasoline products for the oil companies. Of this amount, P6.45 million daily go to the Duterte government’s oil VAT collections (on top of its additional revenues from the TRAIN law’s oil excise taxes).

Progressive groups are criticizing the Independent Oil Price Review Committee for limiting itself to ‘surface data’ and refusing to delve deeper into the supply contracts and inventories of oil companies; for starting from the assumption that the Oil Deregulation Law is for the people’s benefit; and for relying on data ‘voluntarily supplied’ by oil companies.

Sidebar:Probe on findings of Independent Oil Price Review Committee urged