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Successive oil price increases underscore demand to end deregulation law — CPP

By CPP Information Bureau

The Communist Party of the Philippines (CPP) today denounced the monopoly oil companies in the Philippines for imposing successive substantial oil price increases over the past ten days. The oil price hikes that come on top of already intolerable socio-economic burdens are further weighing down on the Filipino people. The other day, oil companies jacked up the prices of petroleum products by as much as P1.20 per liter. Just over a week earlier, oil prices were raised by P1.05 per liter.

“The increase in the prices of oil products has been among the heaviest burdens of the Filipino people. They have invariably led to a domino-effect in rising prices of food and other basic commodities and services,” said the CPP.

The CPP denounced the Aquino regime for “refusing to act on the people’s clamor to put an end to the spiral of oil price increases. The Aquino regime has shown itself to be no different from the Arroyo regime, and all other previous regimes for that matter, in just sitting back and allowing oil companies to raise the prices of oil products in their drive to generate maximum profit.

“The Filipino people have no other recourse but to amplify their demand to put an end to the oil deregulation law,” said the CPP.

“They must expose and challenge the lie being perpetuated by the Aquino regime that the deregulation of the oil industry in the Philippines has led to competition and that this so-called competition will tend to bring down prices.

“Since the oil deregulation law was imposed more than 15 years ago, the oil industry has remained under the control of the oil cartel which are but extensions of the international oil monopolies,” said the CPP.

“The supposed small players form but a tiny speck in the Philippine oil retail industry. These make no difference and serve only as distributors who rely on the supply of oil from the foreign big oil companies.

“The Filipino people should demand an end to the privatization and deregulation regime instituted by the International Monetary Fund and the World Bank since the 1990s which has resulted in untold hardships,” said the CPP. “Such privatization and deregulation schemes in the local oil retail industry, as well as in water distribution, power generation, transportation and other services have caused the prices of these commodities and services to soar beyond the reach of the toiling masses.”

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