EO 845 go signal for Oil companies to rake in super profits- Maza

Rep. Liza Maza of Gabriela Women’s Party today hit Arroyo’s Executive Order 845 that officially lifted the price cap on petroleum products and described it as a tool for oil companies to rake in super profits and for the Arroyo administration to continue increasing revenues from 12 percent expanded value added tax (VAT) on oil.

“Malacanang’s succumbing to oil companies rendered EO 839 worthless because they will be raising pump prices again. This reflects how the Arroyo administration favored those oil companies that claimed losses in revenues against the people devastated by the recent typhoons and who have lost their homes and livelihood,” Maza said.

Maza said that EO 845 serves as go signal for oil companies to increase their prices and reclaim their super profits at the expense
of the Filipino people. Immediately after they receive notice of EO 845, some oil firms like the Flying V already announced that they will immediately raise oil prices by P1.50/liter.

“It is ridiculous that the Arroyo administration would want us to believe that oil firms will fulfill their promises including
implementing discounts and staggering their increases. It is even worse as oil firms will be increasing their prices gradually week
after week,” Maza said.

Maza stressed the need to repeal the Oil Deregulation law that makes this government powerless to the dictates of oil firms. “As long as the Oil Deregulation law is in place, oil firms will continue with their profiteering schemes,” Maza said. ###