Bayan calls for gov't to implement measures to curb oil price increases
Bagong Alyansang Makabayan (Bayan) is demanding that government implement the following measures as oil prices are expected to sharply increase on Tuesday.
In a statement Monday, Bayan said is calling for removing or suspending huge taxes on oil products, such as the excise tax and Value Added Tax and subject oil prices to strict regulation in lights of market speculation, overpriving and utter lack of transparency in pricing.
''The government should act now to lower oil prices or face more protests from the people,'' said Bayan secretary general Renato Reyes.
The Department of Energy (DOE) confirmed the big increase in oil prices on Tuesday but did not diclose the amount.
On Monday, Cleanfuel said it will implement a P3.60 per liter increase in gasoline prices and a P5.85 per liter hike in diesel prices effective 4:01 pm on Tuesday.
Reyes said the average''P5.50 per liter increase in diesel prices tomorrow may be the biggest one-time increase since the Oil Deregulation Law was enacted and since the VAT on oil and excise taxes on oil were imposed on consumers.''
''The automatic price adjustments under deregulation are unjust because these are driven by market speculation and because the current inventory of the big oil companies were purchased at a much lower price yet will be sold at a much higher price,'' he added.
Reyes said the oil firms' pricing is ''untransparent'' because oil companies refuse to unbundle the price components of their products.
''It is also quite unjust that government profits from the misery of the people by imposing huge taxes on the already overpriced oil products including a 12% VAT and excise taxes,'' he added. DMS
