Oil prices increase again
Drivers protested on July 17, a week before Ferdinand Marcos Jr’s State of the Nation Address, to condemn yet another series of oil price hikes. The increase occurred amid the regime’s “rebranding” using the slogan “Bagong Pilipinas (New Philippines).”
Starting July 18, per liter prices of diesel rose by ₱2.10, gasoline by ₱1.90 and kerosene by ₱1.80. Price increases have become so frequent and common. The price of gasoline and diesel in Metro Manila is now almost ₱60 per liter, nearly ₱20 higher compared to their price at the end of 2021. Because of this, drivers are not at all relieved from the meager fuel subsidy doled out by the reactionary state.
Meanwhile, monopoly oil companies rake in extravagant profits. Petron earned ₱6.7 billion in revenues in 2022, up from ₱6.1 billion in 2021. Shell’s revenues also rose to ₱4.1 billion in 2022, up from ₱3.9 billion in 2021. Meanwhile, Caltex opened 28 new gas stations nationwide last year.