THE militant Bagong Alyansang Makabayan-Bikol (BAYAN-Bikol) and the Concerned Operators and Drivers for Reforms (CONDOR-PISTON-Bikol) are wondering why the price of oil in the country remains high despite the downtrend in the world market.

        Joel Ascutia, chairman of CONDOR-PISTON-Bikol said that while the price of oil in the world market leveled at $66-71 per barrel, the so-called Big Three in the oil industry, namely Shell, Chevron (Caltex) and Petron, and other small players have only implemented small and incremental oil price rollbacks.

        “Why is it that it is taking them too long to impose a one-time big oil price rollback while they were quick when it comes to oil price increases?” he asked.

        He said that while the transport sector would like to lower fares, the price of diesel has to be stabilized first at P37 per liter before they could implement a price rollback to P7.5 the minimum fare.

        “A big oil price rollback of at least P11 and the scrapping of the value added tax (VAT) can slash P20 from the current oil prices,” Ascutia said explaining that such rollback could boost their earnings considering that here in Bicol we now have record inflation of 13.7% and everyone is gripped with a global financial crisis.

        “If oil companies would not heed our call for a one time-big time oil price rollback and if the Macapagal-Arroyo regime does not scrap the VAT then we may have to conduct another transport strike to air our demands,” Ascutia warned.

        He said the oil companies must sacrifice too. “They must rein in their greed so that we drivers and the commuting public will not suffer the burden of exorbitant oil prices,” stressed Ascutia.