Govt inutile to put oil price cap Virador

Nov. 21, 2009

DAVAO CITY Joel Virador of Bayan Muna scored the Arroyo government for failing to put price cap in the oil prices, folowing the lifting of the price freeze or the Executive Order 839 and the immediate oil price hikes of around two pesos per liter.

Virador, Bayan Muna national executive vice president, said the government has long been inutile in putting a price cap over oil and other basic commodities.

Since the government implemented the Oil Deregulation Law in 1996, it has always been at the mercy of big oil companies who continue to gain super profits from overpricing. In fact, it colludes with these big oil companies for the taxes that the government earns, he said.

The government reportedly earns 140 million pesos per day from the 12 percent VAT on oil products.

“This only means that the higher the price of oil, the more profit the corrupt government earns,” he said.

Bayan Muna is reiterating the call to scrap oil deregulation law.

For reference:

Joel Virador
Mobile telephone number: 0920-960-7108

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