Duterte backers, other oil firms rake in millions from overpricing amid pandemic
Duterte backers, other oil firms rake in millions from overpricing amid pandemic
Dennis Uy
(Photo by LeAnne Jazul/Rappler)
Amid the misery and deaths caused by COVID-19, oil companies, including those controlled by prominent Duterte backers, have been raking in millions of pesos in extra profits from overpricing. This is beyond unconscionable and appalling as the socioeconomic fallout of the pandemic – i.e., record joblessness, hunger and poverty – continues to burden the people.
By ARNOLD PADILLA
Bulatlat.com
With the pandemic raging last year, the oil firms imposed a net overpricing of about P4.96 per liter for gasoline and around P2.86 per liter for diesel. The overpricing continued in the first three months of 2021, as the country suffers an even worse surge in COVID-19 cases. For gasoline, the overpricing is estimated at around P0.71 per liter as of end-March this year; for diesel, it is pegged at P0.88 per liter.
These estimates were computed by comparing the supposed adjustments in prices based on the weekly fluctuations in international oil prices and the foreign exchange rate, and the actual adjustments in local pump prices implemented by the oil companies.
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