The increasing prices of staple commodities are making access to food even more difficult, even for vendors themselves.
Tags: oil price hikes
A 20-passenger jeepney usually has a full tank capacity of 60 liters, which means that the driver is spending ?1,107 ($21.83) more to fill up his tank. That is equivalent to about 29 kilos of rice – or two weeks’ worth of the regular consumption of a five- to six-member household.
Overpriced gasoline and diesel, for instance, gave oil firms an estimated P38.47 billion (US$757.13 million) in additional income, of which P4.62 billion ($90.93 million) went to the government as value-added tax (VAT).
The Duterte regime may spin the narratives on the economy all they want. But all indicators show that the country is in a much worse shape today than when it took over in 2016.
Oil firms-imposed price adjustments are higher than what should be – by P 2.41 per liter for diesel and P4.76 per liter for gasoline, based on a DOE-recognized formula. The Big Three, a Duterte backer and other oil firms, rake in tens of millions of pesos daily from profiteering.
We can only cringe at the US-Saudi imperialist war machine’s audacity to make us believe that we are all hapless victims on the same side. The price of oil is controlled by the global oil cartel.
Looking at the local oil price movement from the start of the year up to May 15, the price adjustments in diesel may have been “excessive” by about P1.03 per liter and gasoline by P1.34 centavos per liter. This resulted in about P53.74 million additional collections every day from diesel and gasoline products for the oil companies. Of this amount, P6.45 million daily go to the Duterte government’s oil VAT collections (on top of its additional revenues from the TRAIN law’s oil excise taxes).
‘The hikes sprang from the oil companies’ “imagination and greed,” which the Oil Deregulation Law gives them license to use.’
PISTON explains that the P6 fuel discount is better than demanding for a fare hike, knowing that the riding public have been complaining about low wages and increasingly high prices of goods and services.
“The Filipino workers and people are fed up and are protesting against the rising prices and intensifying demolitions. The context is rock-bottom wages and chronic unemployment. That is the real state of the nation.” – Kilusang Mayo Uno
“It’s as if the oil companies just took a break (from hiking prices) in the run-up to the elections to give the Malacañang candidates a chance to prettify themselves, especially since Noynoy was personally campaigning for the administration slate.” – Piston