Fernando Martinez, Independent Philippine Petroleum’s chairman as quoted by the news source, said: We can roll back prices by PHP8 per liter for gasoline and PHP4 per liter for diesel but they have to remove value-added tax (VAT) on oil.
Mr Martinez said that oil firms should deliver a one-time cut to lower the country’s rising inflation and the government should make this a reality by slashing VAT, which contributes to around 20% of the retail price of fuel.
According to Mr Martinez, oil firms have already slashed fuel prices by PHP6.50 per liter of gasoline and PHP5 per liter of diesel. Unioil Petroleum Philippines’s general manager, Chito-Medina Cue Jr, said that if global oil prices continue to fall, there could be another price reduction.
Mr Cue Jr, said: We are planning another rollback next week depending on the market forces. There will be a possible PHP1 to PHP2 per liter reduction.
