Thursday, July 03, 2008

According to Shell, diesel prices still need to go up by 7 pesos to make up for under-recoveries. And this still doesn't take into account the current depreciation of the peso. Now, they're thinking whether they'd do a one-time lump sum increase or continue with the staggered increases that they're doing now.

It really is time for the government to cut VAT on oil products. Or at the very least, for diesel, since it is used for public transportation and the transport of basic goods. And they should really start developing alternative sources of electricity (which they should have started a hundred years ago!).

Read the full article from here.