Tags: VAT on oil

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.

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…