Further fuel price cuts sought

MANILA, Philippines - Lawmakers have called for more cuts in fuel pump prices to reflect the steady decline of world prices. Speaker Prospero C. Nograles questioned in a statement the prevailing price of P46-P48 per liter for gasoline when the price of oil per barrel is now at $70, compared to the price in January at P44/liter when the price of oil per barrel was $87. Mr. Nograles said he will ask the committee on energy to probe into the profits of oil companies to determine if the recent pump price cuts were reasonable and proportionate to world market prices. Meanwhile, committee chairman on labor and employment and Valenzuela City Rep. Magtanggol T. Gunigindo I said he will file a bill that will require oil companies to pay income tax. "Oil companies fail to give out fair price rollbacks... this will ensure that a portion of their profits will return to the government to be used by its citizens," he said in an interview. - BusinessWorld