Both the private and public sectors should be willing to make temporary sacrifices to cushion the continuing increases in domestic prices of petroleum, according to leaders in business, labor and the academe. This came as a reaction to House Speaker Martin Romualdez’s appeal for local oil firms t
Pump attendants fill vehicles with fuel at a gasoline station in Matina, Davao City. Diesel and kerosene prices are expected to drop by less than a peso per liter on Tuesday — the first in 11 weeks. LEAN DAVAL JR
In an interview on Friday, Jesus Arranza, chairman of the Federation of Philippine Industries , said it may be possible for local oil companies to sacrifice some of their profits but ultimately, they are still powerless against the whims of the Organization of Petroleum Exporting Countries . He proposed that the government either lower the tax rate on oil, or charge only a standardized tax rate that does not increase proportionately with oil prices.
“But the best option is to use the increasing tariff collections to subsidize public transport. Also to revive bike lanes so people stop using gasoline based transport. The bike lanes are now overrun by cars,” he added.The Trade Union Center of the Philippines fully supports Romualdez’ call for oil companies to share in the burden by cutting down their profit margins to ensure affordable fuel pump prices.
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