Oppose oil price increases, demand bigger rollbacks amid global price slump — CPP

By CPP Information Bureau

The Communist Party of the Philippines (CPP) today called on the Filipino people to oppose the hefty increases in oil prices to be imposed by big oil companies starting today, amid the continuing slump in international prices of crude oil.

Retail prices of gasoline were increased by as much as PhP2.50/liter, kerosene by PhP2.00/liter and diesel by PhP1.95/liter.

The sharp increase in the prices of petroleum products were implemented by oil companies amid the continuing general slump in the prices of international crude oil since June 2014.

“Even with the increases over the past two weeks, international oil prices have dropped overall by almost 50% which is yet to be reflected in local retail prices of petroleum products,” said the CPP. “Retail prices of diesel have been reduced by less than 40% since June, while gasoline prices by less than 20%, enabling them to further increase profit rates to the detriment of workers and other toiling masses.”

“The Filipino people are indignant over the failure of the foreign oil subsidiaries in the Philippines to reduce local retail prices correspondingly, as well as over the failure of the Aquino government to effect substantial decreases in the costs of mass transportation, electricity and other oil-dependent utilities,” pointed out the CPP.

The CPP supports the demand of various sectors for the big oil companies to further reduce retail prices by as much as 20% from current prices in order to benefit ordinary poeple.