DAVAO CITY – Youth group Anakbayan condemns the recent “big time” price increase of oil prices implemented by oil cartel today.
Anakbayan said, “the big oil companies are again using the volatility of world crude prices as an excuse to extract superprofits from motorists and the Filipino public.”
“Oil prices globally have dropped to historic lows, but the same could not be said of our local pump prices and prices of basic commodities,” the group added.
Anakbayan cited data from the Department of Energy Oil Monitor and Oil.com said that shows “crude prices have decreased by about 56%, local prices for diesel dropped 42%, while gasoline prices have dropped by 20%.”
Anakbayan said the data shows “that oil price drops gradually slow, opposite when there is increases.”
“The drop in oil prices have likewise not been felt by poor Filipino families. No real increase in wages have been implemented and prices of commodities have not gone down significantly,” the group said. (davaotoday.com)
