Probe of overpricing of oil firms pushed

The oil companies are guilty of overpricing when they increased the prices of their products recently.

Shell Philippines, Chevron Philippines Inc., Eastern Petroleum and Phoenix Petroleum increased diesel prices by as much as P2 per liter, while premium gasoline prices increased by P1.50 per liter.

Chevron also increased kerosene prices by P2 per liter and regular gasoline prices by P0.75 per liter.

Diesel price now is more than P36 and gasoline price ranges between P45 and P46.

“Based on our computations a 42 gallon barrel of crude oil can produce 19.6 gallons of gasoline which is then equal to 74.2 liters. If we are to multiply this by the P2/liter increase we will get P148.4,” Bayan Muna Rep. Neri Javier Colmenares said yesterday.

Colmenares explained further: “If we are then to deduct the $2= P87.4 increase per barrel of crude in the international market, then we will get P51. This is the minimum over pricing done by the Big 3 on their latest oil price hike because we still have to add their mark up on diesel and other petroleum products as well as their past over- prices.”

Ironically, militant groups were even calling for a P8-P9 rollback before the prices of oil products were increased.

“Are the Big 3 so callous to the plight of the Filipino people that they are going all out to siphon the hard earned money of the common folk?” the lawmaker asked.

He also called on the oil firms “to open their books and be scrutinized because we are pushing for a probe on their dubious practices.”

“It is no wonder that the transport sector aside from their specific issues that they are confronting like the mass lay off in Philippine Airlines, the number-coding for buses and the phase-out of the ‘kuliglig’ in Manila, they are also expressing dismay and anger on this new increase,” Colmenares said.

“If all these strikes happen at the same time thanks to the oil companies, then we are really in trouble. It is best that the Oil Deregulation law be immediately revoked so that the Big 3 and their cohorts’ runaway prices can be stopped,” ended the lawmaker. (D’Jay Lazaro)

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