Manila times
October 23, 2008
[SIZE=4]Filipinos Shortchanged on Fuel Price Rollbacks
NEDA sees under recoveries for consumers
[/SIZE]
Darwin G. Amojelar
THE National Economic and Development Authority (NEDA) said
o[SIZE=4]il companies have been shortchanging Filipinos[/SIZE] with regard to their fuel price cuts, adding retailers should implement a bigger reduction. Based on [SIZE=4]
computations the agency made, diesel prices should be at least P34.32 a liter while gasoline prices should fall to P40.95 a liter.[/SIZE] The NEDA estimates are based on a world market price of
$70 a barrel and a foreign exchange rate of P48.28 to the US dollar.
“It is now the
[SIZE=4]consumers who are experiencing under recovery,” [/SIZE]Socioeconomic Planning Sec. and NEDA Director-General Ralph Recto said, adding the [SIZE=4]
under recoveries are huge.[/SIZE]
He noted that with lower oil prices
“there would be pressure from the transport sector to reduce prices, which will benefit the riding public.”
The NEDA chief said a further reduction in pump prices would
“benefit consumers as it would also affect prices of other goods leading to better consumption during the holiday season.”