Denounce profit-making spree of oil companies amid the pandemic and crisis

Marco Valbuena | Chief Information Officer | Communist Party of the Philippines October 05, 2021

The Filipino people must denounce the greed for profit of oil companies which are set to jack up the prices of petroleum products, including a hefty ₱2.04 per liter of diesel and ₱1.45 per liter of gasoline. This is on top of the increases of ₱5.65 per liter of diesel and ₱4.10 per liter of gasoline after almost weekly increases since the start of the year.

This oil price increase will surely add to the burden of millions of people who are already suffering from low wages and salaries, incessant increases in the price of food and other basic commodities, widespread unemployment and loss of income.

The people are doubly enraged that oil companies are going on a profit-making spree amid the pandemic and economic crisis. The Filipino people must strongly oppose the imposition of oil price increases and demand a rollback in prices and increases in salaries and wages.

The multibillionaire capitalist owners and executives of Petron, Shell Philippines, Chevron, Phoenix and other big oil companies are wallowing in money and luxury at the expense of the broad masses who have no other choice but to shoulder the rising costs for transportation, cooking fuel, electricity, production and so on.

The Duterte regime must be condemned for remaining inutile in the face of the onerous oil price increases. Hiding behind the oil industry deregulation law, it has allowed oil companies to fleece the people and make large amounts of profits.