Eastern Petroleum: Big rollback if VAT is removed

MANILA, Philippines – Eastern Petroleum on Monday announced it might roll back gasoline prices by as much as P8 per liter and diesel prices by P5 per liter, if the value added tax (VAT) on oil is removed. Eastern Petroleum president Fernando Martinez made the claim during the meeting of the Department of Energy with representatives of big and small oil companies and fuel stakeholders, GMA News’ JP Soriano reported over QTV’s Balitanghali. The meeting with the DOE tackled and examined how oil firms price their fuel products. The oil companies voiced out their request for consumers to understand that they, too, need to earn. For its part, big oil player Pilipinas Shell said that it cannot easily implement a rollback even if the world market prices oil continue to decline, citing that the company still has to curb its revenue deficits. Petron Corporation said it might implement a rollback within the week. Petron, however, did not specify the amount to be reduced and the date the rollback will take effect. - Sophia Dedace, GMANews.TV