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For ordinary businesses, a product’s selling price is based on how much it actually costs to make or acquire. One makes a profit by selling higher than that cost. Not for Philippine oil companies. Their selling price is based on how much it costs to replace their supply. So when prices spike like they are doing now, they earn windfall profits from their old stock, which were acquired at much lower prices. This is simply unconscionable given the dire impact this mechanism has on our people who have to contend not only with high fuel prices but soaring cost of products and services brought about by it.