“Oil prices were hiked at a time when the public’s attention is focused on the Mamasapano incident,” said Jun Luna, Secretary General of Anakpawis Partylist.
Anakpawis partylist staged a picket protest in front of the Petron gas station in Philcoa, Quezon City earlier today.
The increase today, February 24, will be the third time in almost two months, which started during the last week of January when oil companies increased the price of its products by P2.40 per liter for gasoline and P1.90 for diesel.
It was followed in February, when gasoline price was pumped up by P1.15 per liter and diesel increased by P1.50.
Today, oil companies increased their prices, P 0.80 for diesel, P.80 for gasoline and P1 for kerosene, bringing the price of gasoline to P 30.10 and diesel at P 39.23 (source:Petron)
“Oil prices are at a downward trend worldwide, yet in the Philippines, oil prices are increasing substantially,” added Luna.
He further pointed out that there is an oversupply in oil products in the global market, which pushed the price of crude oil lower in the past few months.
“The price of crude oil of Brent is $60 per barrel, West Texas Intermediate at $50.90 and Dubai crude oil at $60 per barrel,” said Luna.
Luna surmised that the Department of Energy is conniving with the three major oil players in the country to jack up oil rates.
“The big oil companies are able to increase rates at will because of the Oil Deregulation Law,” said Luna.
The Oil Deregulation Law took effect in 1998, during President Fidel V. Ramos’ term.
The protesters carried placards calling for the rollback in prices of petroleum products. They also staged a symbolic ‘die-in’ in front of the gasoline station, where protesters lied down on their backs to portray the suffering caused by the oil price hike.
