Labor group Kilusang Mayo Uno condemned the recent increase in petroleum prices by oil cartels saying the increase is “unjust” amidst the 60 per cent plunge in global oil prices since June 2014.
“Local oil prices have not yet even dropped by 60 per cent, yet the Big 3 has already imposed a P2.00-increase in the per-liter prices of gasoline, diesel and kerosene,” said Roger Soluta of KMU.
Soluta said the oil companies’ refusal to reduce oil prices by 60 per cent and their imposition of a price hike shows that they continue their overpricing schemes in relation to global oil prices.
KMU believes that the “monopoly” of the oil cartels over the local oil market “enables them to dictate prices with nothing but their margins of profit to consider.”
