Excessive oil profits

The different oil companies registered an estimated P20 billion in profits last year led by Petron with P6 billion. In previous years, they even doubled their profits in one year. That’s just too much.

GMA has tolerated this overpricing for the last eight years. Better late than never, she acted and used the vast powers of her office to clamp down on the oil companies. Partly to blame is the anti-consumer attitude of Department of Energy Secretary Angelo Reyes and before him Vince Perez and Popo Lotilla.

I noticed too, that the “Big Three” oil companies are building bigger and bigger stations. In Metro Manila, there’s literally a gasoline station in every major street. Too many. How about suspending some of this station expansion and using the money to reduce gas prices?

What’s the stand of presidentiables on oil pricing policies?

Remember, the government, including the military, the police and Department of Public Works and Highways as well as local governments are the biggest consumer of oil products. Keeping oil prices in check will reduce the government deficit. That’s common sense.

Not to forget that some of these oil companies are buying smuggled oil and diesel. And nobody has been persecuted because the Bureau of Internal Revenue and the Department of Justice have not made their charges stick for a million reasons. –Amb. Ernesto Maceda, Daily Tribune