Lawmaker urges Congress to pass oil profit cap bill
January 30, 2012
In the midst of the ongoing impeachment trial at the Senate, Sen. Antonio “Sonny” Trillanes IV has reiterated his call for his colleagues in the Senate and the House of Representatives to immediately pass a bill setting the allowable level of profit for petroleum companies and imposing windfall profit tax on oil firms.
“With the oil prices continuously increasing almost on a weekly basis, the government is virtually helpless in checking the apparent abuses of petroleum industry players in increasing and in refusing to decrease prices of petroleum products even when warranted by market forces. This is aggravated by the lack of transparency in the formula used by petroleum companies in order to arrive at their prices,” Trillanes said.
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