Protest hefty increases in local oil prices--CPP

Information Bureau
Communist Party of the Philippines
February 18, 2015

The Communist Party of the Philippines (CPP) condemns the subsidiaries of big foreign oil companies for imposing successive price hikes over the week, jacking up local oil prices by more than P3.50 per liter when oil prices should actually have been lower by around the same amount.

The CPP called on the Filipino people to protest the hefty increases in oil prices. "The Filipino people stand on firm and just ground in demanding a further rollback of oil prices amid the continuing downtrend in crude oil prices in the international market."

Yesterday, oil companies imposed another hefty round of increases, only seven days after a huge hike in retail prices. In all, the diesel prices have increased by P3.45 per liter, gasoline by P3.65 per liter and kerosene, by P2.15 per liter.

"By imposing hefty increases, big oil companies are raking in additional superprofits and causing the further oppression of the Filipino people," said the CPP.

International crude oil prices have been slumping, and currently stand at around $55 per barrel, or around 50% of its price of $108-110 in June 2014. Last January, crude oil prices plummeted to as low as $45 per barrel. International oil agencies estimate that prices will persist below $60 per barrel until the end of the year.

The CPP supported the call of various sectors to roll back local oil prices to reflect such falls in the prices of crude oil, saying that diesel prices should be at around P22/liter while gasoline at P27/liter.

"The Filipino people must protest not only the recent hefty increases in oil prices, but also the failure of the Aquino regime to compel a bigger rollback in oil prices, a reduction in electricity rates, as well as train fares and the prices of basic commodities," said the CPP.

"Instead, the Aquino regime imposed a hefty increase in metro train fares. At the same time, it refuses to take any action against the big power companies that increased electricity rates last January."