MANILA, Philippines – Socioeconomic Planning Secretary Ralph Recto has reiterated that oil companies have been charging roughly P8 more per liter than the estimated gasoline price in the market.
Recto, who arrived Thursday night from a joint International Monetary Fund-World Bank meeting in Washington, explained his recent statement that oil prices are higher than what the actual price should be.
He said that based on the Oil Price Monitoring Report of the Department of Energy as of April 16, oil companies were charging as much as P40.85 per liter of premium plus gasoline, P39.71 per liter of premium gasoline and P39.07 per liter of unleaded gasoline.
These, Recto said, are roughly P8 more than the estimated average gasoline price of P32 per liter.
“Assuming that oil companies had purchased their stock of Dubai crude at $50 per barrel or P2,408 per barrel based on an exchange rate of P48.16 to the dollar at that time, then pump prices of domestic gasoline should be about P32.16 per liter,” Recto said.
He added that prices should even be lower if oil companies had purchased Dubai crude in February or March. Oil firms usually have an inventory of at least 30 days.
Dubai crude was at $42.21 per barrel or P2,024 per barrel as of Feb. 20 and $44.51 per barrel or P2,149 per barrel as of March 20.
Quoting historical data to estimate the P32.16 price per liter, Recto noted that when Dubai crude was at P2,176 per barrel in February 2005 (computed at $39.70 per barrel at an exchange rate of P54.81 to $1), domestic gasoline was at P27.37 per liter while at P2,495 per barrel (computed at $45.84 per barrel at an exchange rate of P54.44 to $1) in March 2005, domestic gasoline was at P29.22 per liter.
“Government may not have the tools to lower oil prices under the Oil Deregulation Law and therefore must collect the appropriate taxes from the oil companies so we may make the necessary investments for health, education, social protection to help the poor as well as in renewable energy,” he said. –Iris C. Gonzales, Philippine Star
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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September –
5 Sept – Intl Day of Charity
7 Sept – Intl Day of Clean Air for Blue Skies
8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
15 Sept – International Day of Democracy
16 Sept – International Day for the Preservation of the Ozone Layer
17 Sept – World Patient Safety Day
18 Sept – International Equal Pay Day
21 Sept – International Day of Peace
26 Sept – International Day for the Total Elimination of Nuclear Weapons
27 Sept – World Tourism Day
28 Sept – International Day for Universal Access to Information
29 Sept – International Day of Awareness of Food Loss and Waste
30 Sept – World Maritime Day
Monthly Observances:
Health, Safety and Sanitation Month
National Clean-up Month
Civil Service Month
National Peace Consciousness Month
Social Security Month
Rule of Law Month
National Teachers’ Month (Sept 5-Oct 4)
Weekly Observances:
Sept 17 – 23:
World Clean and Green Week
Week 2: Education Week
Week 4: Medicine Week
Last Week: National Family Week
Daily Observances:
Third Saturday:
International Coastal Clean-up Day
Third Monday: World Health Day
Last Friday: National Maritime Day
Sept 8: National Literacy Day
Sept 15: Philippine Medicine Day
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