No basis in latest oil price hike 鈥?IBON
The latest oil price increase was baseless as oil companies still owe the public P1.39 per liter in January and another P1.28 per liter in 2006. Militant think tank IBON Foundation said between December 2006 and January 2007, the foreign exchange rate improved from P49.43 per US dollar to P48.91 while the price of Dubai crude fell from $56.68 per barrel to $51.69. "These adjustments should have translated to a pump price reduction of P1.89 per liter but the oil firms lowered prices by only 50 centavos per liter in January this year for an overpricing of P1.39," it said. Also, it said that in 2006, oil companies were supposed to hike the pump price by only 34 centavos per liter based on the monthly movement of Dubai crude and forex but actual adjustments at gasoline stations hiked the price by P1.62 for an overpricing of P1.28.
