The group Piston scorned the oil companies’ rollback of ₱1.50/liter for gasoline and ₱0.40/liter for diesel on August 12. They called it “loose change” especially against soaring prices of petroleum products.
“Instead of being pleased, drivers, operators, and the people should be outraged over this very small reduction,” the group stated.
Based on Piston’s calculations, gasoline has increased by ₱21.80/L and diesel by ₱21.15/L since January 2024. For an ordinary driver, this already amounts to a daily income loss of ₱635, or ₱15,862.50 per month, which is near the minimum wage in the National Capital Region, they said.
On the other hand, oil companies earn super-profits as they simultaneously raise prices every Tuesday using various justifications. In just the first six months of the year, Petron, the largest oil company owned by Ramon Ang, already profited ₱5.3 billion. The Marcos regime has taken no action whatsoever to curb the harmful effects of high oil prices, according to Piston.
