Denounce profit-hungry monopolies for rising oil prices

This article is available in Pilipino

Successive increases in oil prices during the past few weeks are among the biggest reasons behind the worsening socio-economic conditions in the country. In the face of a worsening economic crisis, widespread unemployment and loss of livelihood, incessant petroleum price increases deal heavy blows against the workers, peasants and other toiling people.

In the past month alone, diesel prices have increased by ₱7.95 per liter, kerosene by ₱7.20 per liter, and gasoline by ₱5.70 per liter. These hefty price increases add to the already heavy burden of rising cost of living brought about by the non-stop increases in the price of transportation, food, medicine and basic services, and the cost of input for manufacturing and agriculture.

Monopoly oil companies and oil producing countries who collude in controlling oil supplies are taking advantage of rising demand by restricting production in order to push up prices and rake in superprofits at the expense of the toiling masses. Many financial speculators and oil companies who have bought oil futures and oil reserves at lower prices are making a killing with the sharp rise in prices.

The Filipino people must denounce the utterly callous profit-hungry monopoly oil companies and demand an immediate rollback in the prices of diesel and other petroleum products.

They must also express their protest against the Duterte regime for failing to act in the interests of the people in the face of rising prices of all basic necessities.

Denounce profit-hungry monopolies for rising oil prices