By Iris Gonzales
Philippine Star
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.
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Topic: Philippine-based Oil Companies Charging P8 More on Fuel (Read 756 times)