REPEAL OF OIL DEREGULATION LAW, OTHER RADICAL SOLUTIONS NEEDED TO ADDRESS UNCONSCIONABLE OIL PRICE HIKES
Bayan Chairperson Teddy Casiño
November 12, 2024
Since October, fuel prices have surged by around 5-6 pesos per litter, adding more burden to Filipino households. With the Christmas season just around the corner, the latest round of increases is sure to exacerbate the usual year-end spike in prices, making families suffer during the holidays and beyond.
While ordinary Filipino families bear the brunt of low incomes and high prices, oil companies are reaping record profits. Petron Corporation reported a consolidated net income of ₱6.7 billion in 2022, which surged by 51% to ₱10.1 billion in 2023.
Shell Pilipinas Corporation reported a net income of ₱4.1 billion in 2022, marking a 6% increase from the previous year’s ₱3.9 billion. Caltex Philippines has been on an expansion binge, adding 28 new service stations in 2022 plus 37 new ones and 82 auto workshops in 2023.
Unfortunately, the Marcos Administrations remains mum on its plans to address the problem of high fuel prices. Dapat kumilos na para matigil ang ganitong kalakaran. Panahon nang mag-isip ng mga radikal na solusyon sa paulit-ulit na problema ng pagtaas ng presyo ng langis.
We in Bagong Alyansang Makabayan reiterate the need to repeal the oil deregulation law to protect Filipino consumers from these unjust fuel price hikes. Re-establishing government control over fuel prices ensures costs are tempered and excessive profits not made out of our people’s suffering.
It is also time to pursue proposals to renationalize Petron to provide the public with a counterbalance to greedy private oil companies and set competitive fuel pricing. The public reacquisition of Petron ensures a foundation for affordable fuel and the revival of our national oil industry.
Lastly, the government should seriously consider centralized procurement of oil and fuel, so that we can better negotiate better prices from suppliers and governments. #
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