Anakbayan scores oil companies for continued oil price hikes

Mar. 18, 2016

TAGUM CITY — Militant youth group Anakbayan has scored on the multinational oil companies on Friday, March 18 for the continued oil price increases, saying it will be an additional burden to the ordinary people.

“The recent oil price hike is not only unjust because global prices have remained low. It is a cross being carried by the Filipino people and will inevitably result in the increase of the price of food and other basic goods and services,” said Vencer Crisostomo, Anakbayan national chairperson, in its statement.

This week, oil companies increased their prices at P1.60 per liter, including diesel, which is now at P1.25 per liter.

Crisostomo claimed that “big local oil cartel” earns big profit from the recent oil price increases. “This comes after oil prices in the world market continues to fluctuate between $20 per barrel to $40 per barrel which remain low when compared to the record high $97 per barrel price two years ago,” he said.

“Local oil companies hiking oil prices always claim that they are just following the movement of oil prices in the global market. In fact, there is no real justification for the hikes except for their insatiable appetite for sucking profits from the Filipino people,” Crisostomo said.

Crisostomo said the ease at which oil companies can hike their prices only points to government “pampering”.

“We denounce the Aquino administration for continuing to pamper local oil companies and allowing them to squeeze the greatest profits from the riding public as much as they please without any government regulation whatsoever,” said Crisostomo.

“It is high time to finally scrap the oil deregulation law, which contrary to government rhetoric has not brought down prices because of increased competition but instead resulted to the spiraling of oil prices in the past two decades,” he added.

Anakbayan has also urged candidates for the 2016 elections to “repudiate the Aquino administration’s oil deregulation policy and instead echo the Filipino people’s call to stop burdensome oil price hikes and junk the oil deregulation law.” (

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