Various organizations, led by Bagong Alyansang Makabayan (Bayan), held a protest action on June 22 in front of the Petron Station in Quezon City to oppose the impending increase in the prices of petroleum products. The additional increase is estimated to reach ₱5 on June 24.
They said greedy oil companies are exploiting the tension in Iran and West Asia to earn excessive profits. “The government condones the actions of oil cartels because it also profits from them, and the money goes to corrupt officials,” Bayan said.
According to PARA Advocates for Inclusive Transport, a group promoting inclusive transportation, the price of diesel will increase on June 24 by more than ₱5.00/liter while gasoline will increase by ₱4.00/liter. This is the biggest oil price hike in recent years. Since January 2024, the price of diesel has already increased by almost ₱18/liter, while gasoline has increased by ₱20/liter. If the upcoming increase is added, the total increase will reach ₱23/liter for diesel and ₱24/liter for gasoline in just one and a half years.
“The oil price hike is a concern for the people. Commuters will be hit directly, as oil price increase are closely linked to fare hikes. Almost everything we consume requires oil. Food producers such as farmers and fishers use oil for tractors and boats. Trucks that transport products use oil. As a result, the prices of food and other goods will rise. Meanwhile, the real value of workers’ wages will take another dive,” PARA explained.
To supposedly ease the impact of the oil price hike, the Department of Energy announced that oil companies agreed to stagger the price increases. PISTON leader Mody Floranda called this nonsense. “How is this a solution? It is like saying we will be executed, but it will be done slowly. In the end, we still die. They may stagger the increases, but oil prices will still rise. Petron, Caltex, and Shell will still earn billions. Workers’ wages will still not increase.”
Bayan Muna representative Atty. Carlos Zarate called on Marcos Jr to act immediately to address the crisis. “The President should not wait for oil prices to reach $80 per barrel before taking action. It is necessary now to suspend the excise tax and VAT on petroleum products because no other way can protect consumers while Congress is not in session.”
“Consumers will not be as badly affected if we reduce burdensome taxes and establish adequate regulation in the oil industry,” Zarate explained.
The Kilusang Magbubukid ng Pilipinas called for the immediate repeal of the Oil Deregulation Law. “The government should control oil companies and prevent excessive profiteering, especially during times of tension in the global market, as is happening in the Middle East…”
“The government should also suspend or stop collecting taxes while people are being buried in debt and hunger. The government must address the crisis in food and agriculture and reverse policies that make life harder for the masses,” KMP said.
