Malacañang to exercise power vs oil firms that don’t roll back prices
Malacañang will exercise its power to protect public interest once the government gathered strong basis against oil companies that do not roll back prices and not willing to heed the clamor of the consumers.
Executive Secretary Eduardo Ermita made the assurance in the light of reports that the Senate is planning to pass a law that will impose tax on profits of oil companies that do not scale down prices amid the downtrend of pump prices in the world market.
Under the present deregulation scheme, government can’t dictate on oil companies but we are appealing to them to lower their prices as pump prices of oil continue to go down in the world market.
If there will be “unreasonability” on their part, then the government will have to take certain measures to protect the public interest,” Ermita stressed.
Data from the Department of Energy showed that Dubai crude oil averages $89.25 per barrel since Monday, compared to last month’s average of $95.90 per barrel. (PIA/Bohol)
