Junking the 12 percent expanded value-added tax on refined fuels can bring down pump prices and soften prices of foodstuffs and other prime commodities towed upwards by skyrocketing fuel costs. Read the rest of this entry »

Palace says it is not ignoring rising oil prices

MANILA, Philippines – Former Budget Secretary Benjamin Diokno is advising the Aquino administration to do something about high fuel prices. Read the rest of this entry »

BAGUIO CITY—President Aquino remains firmly opposed to the scrapping or reduction of the 12-percent valued-added tax (VAT) on oil, saying it would only increase demand for oil in the country and eventually drive up local pump prices. Read the rest of this entry »

MANILA, Philippines – A global aviation industry group slashed its 2012 profit forecast for airlines all over the world by $500 million as oil prices continue to soar.

The Geneva-based International Air Transport Association (IATA) said in a statement on Tuesday, March 20, that it expects oil prices, based on Brent crude, to reach an average $115 per barrel this 2012 from its previous forecast of $99. Read the rest of this entry »

SENATOR Francis “Chiz” Escudero on Thursday pushed for a comprehensive review of the oil deregulation law amid the continuing increase in prices of petroleum products. Read the rest of this entry »

THE Aquino administration has been reaping a P1-billion-windfall for every dollar increase in the price of oil because of the value-added tax, yet it has cut its spending on public hospitals and state-owned universities, lawmakers said Wednesday on the eve of a nationwide protests against rising fuel prices. Read the rest of this entry »

LABOR and transport groups said Wednesday they will stage nationwide protest today, Thursday, to oppose the continuing increase in oil, petroleum and commodity prices and to demand an increase in wages. Read the rest of this entry »

Malacaang is bullish on the economy yet it is holding back on a proposal to reduce the 12 percent expanded value added tax (eVAT) on oil by two percent to help ease the burden of the Filipino people. Read the rest of this entry »

The government remains vigilant and mindful of the renewed volatility in the prices of petroleum products even as the country’s headline inflation rate in February 2012 slowed down to 2.7 percent, according to the National Economic and Development Authority (Neda). Read the rest of this entry »

MANILA, Philippines – Oil companies implemented yesterday a new round of oil price increases.

Petron Corp., Pilipinas Shell Petroleum, Chevron Philippines, SeaOil Philippines and Total Philippines jacked up pump prices of regular and premium gasoline by 50 centavos per liter. Read the rest of this entry »