DAVAO CITY (Mindanao Examiner / Feb. 22, 2013) – The Bagong Alyansang Makabayan in Southern Mindanao has criticized President Benigno Aquino for his failure in putting an end to unabated oil price increases in the Philippines.
It said for the third time this month, regular and unleaded gasoline prices increased by P1.15 and premium gasoline by 95 centavos per liter. And prices of kerosene and diesel were also raised by 70 centavos and 65 centavos.
“The Independent Oil Price Review Committee (IOPRC) created by the Malacanang is useless. In fact, it is just covering up the overpricing that is happening. This will surely bring more burden to the Filipino people,” Sheena Duazo, BAYAN-Southern Mindanao spokesperson, said in a statement to the regional newspaper Mindanao Examiner.
In its previous estimates, Bayan claimed that as of July 2012, global monopoly pricing and speculation account for some 59% to 73% of global crude oil prices.
The group also cited data from the U.S. Energy Information Administration that as of July, a barrel of crude oil can already be produced with a cost of $26.63 to $40.46 per barrel only, which is far cheaper than the posted global price of Dubai crude, the country’s benchmark, of $99.22 per barrel.
Duazo said: “The difference of $58.76 to $72.59 per barrel between the estimated production cost and the posted price roughly represents the impact of global speculation and monopoly pricing. And because of deregulation, such super-bloated global prices are directly passed on to Filipino consumers, who suffer the most.”
Like Aquino’s predecessors Fidel Ramos, Joseph Estrada and Gloria Arroyo, the current president had also refused to punish greedy oil companies over its huge profiteering.
“It is only through our protests that we can maximize the chance of pushing back the non-stop increases in the prices of oil and all other basic needs and services,” Duazo said.
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