Home News P1 oil price rollback not enough to brace drivers for soaring inflation — PISTON

P1 oil price rollback not enough to brace drivers for soaring inflation — PISTON

Despite the P0.35 – P1.10 / liter rollback this week, fuel prices remain high and damaging for ordinary drivers and consumers, said transport group PISTON. The group also said that without clear economic solutions from the government, the volatile price of oil that remains highly unregulated will only continue to aggravate the already grave economic situation of Filipinos as soaring food prices will likely persist for the remainder of the year.

“Kakarampot na rolbak lang ito kumpara sa dalawang magkasunod na malaking oil price hike. Mula pa noong magkakasunod na pagtaas ng presyo ng langis nitong simula ng taon hanggang maupo si Marcos Jr, wala pa ring kaginhawaang nararanasan ang mga tsuper at maliliit na operator,” said PISTON national president Mody Floranda. “Kahit pa dalawang beses nagtaas ng pamasahe, dahil mataas pa rin ang presyo ng langis, nananatiling hindi nakabubuhay ang mga naiuuwing kita ng mga tsuper.”

The Marcos Jr administration is yet to lay out clear economic recovery plans amid the country’s inflation accelerating to 6.9% in September with the growing prices of food, water, electricity, and fuel as major contributing factors.

The global prices for oil are still expected to hike in the coming months as oil companies usually jack up the prices of fuel in time for increased consumption during the winter season in the northern hemisphere. High food prices will also likely prevail in the Philippines as the holidays draw near. PISTON said that this only confirms the urgent need to suspend fuel excise tax and VAT and the immediate passage of oil regulation bills currently pending in Congress.

“Patapos na ang taon pero mukhang kailangan pa ring ayusin ng administrasyong Marcos Jr ang mga prayoridad nito,” said Floranda. “Una na riyan ang kagyat na solusyon para lubos na pababain at kontrolin ang presyo ng langis dahil mistulang taga-monitor lang ng paggalaw sa presyo ng langis ang nagiging silbi ng gobyerno.”

The group also pointed out that it has been clear that being dependent on imported oil has done nothing but hurt our drivers and consumers. The oil deregulation law must be ultimately junked, and the oil industry should be nationalized, said PISTON.