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).
Tags: overpricing of oil products
Rollbacks Not Enough, Oil Products Still Overpriced
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…