Lawmakers, government officials, and representatives from the big oil players are meeting today to consider ways to cushion consumers from
“No one is spared from the ill effects of the high cost of living due to oil price hikes. Everyone is struggling. But this is beyond anyone’s control. If the price of crude oil in the world market increases, so do prices in the rest of the world,” Romualdez said.
“On our part in the government, we can compromise… Perhaps what we can initially offer is a possible review of excise tax or the value-added tax on oil and petroleum products. This is a good place to start,” he said. “We will attempt to convince them to at least postpone their plans, if there are any, until after Christmas in the spirit of the Yuletide season,” Romualdez said. “We understand that they are also affected. But we will appeal to their sense of compassion and ask them if they can find a way to manage until Christmas.”
Another oil executive addressed allegations that the oil companies are selling old stocks at higher prices.
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