Press Release
October 2, 2018


Sen. Grace Poe today expressed alarm over the continued rise in oil prices for the eighth consecutive week, as she urged the government to fully implement the relief measures to protect consumers and act against possible abuses of petroleum companies.

"Nananawagan tayong muli sa Department of Transportation at Department of Social Welfare and Development na paspasan na ang pamimigay ng mga ayuda at benepisyo na nakasaad sa TRAIN Law. Mas mabilis at mas madalas pa ang pagtaas ng presyo ng gasolina kumpara sa bilis at dalas ng ayuda ng gobyerno," said Poe, referring to the Tax Reform for Acceleration and Inclusion (TRAIN) Law that has been partly blamed for the increase in oil prices and consumer goods and services.

The country looks at Dubai petroleum prices as basis of imposing regulatory measures, with a ceiling price of $80 per barrel.

Gasoline prices went up by P1 per liter, diesel by P1.35 per liter and kerosene by P1.10 per liter on Tuesday, Oct. 2.

In all, gasoline prices increased by P4.05 per liter for the past eight weeks, while diesel increased by P4.40 per liter. Kerosene also went up by P3.70 per liter during the same period.

Liquefied petroleum gas commonly used in households as cooking gas also went up on Oct. 1 between P2 and P2.50 per kilogram or P22-P27.50 per 11-kg tank.

"Hard-earned money by our drivers are being held hostage by oil prices instead of being spent for food, the prices of which, by the way, are likewise increasing," said Poe.

The senator added, "That is the bigger picture of reality on the ground. The numbers are not just mere statistics for economic managers and policymakers, it means another skipped meal or foregone opportunity for most of our countrymen."

Poe likewise called on the Department of Energy to properly monitor pump prices in gasoline stations nationwide and ensure that oil firms are not engaged in profiteering and abusive practices amid the upward adjustments in oil prices.

Oil prices are expected to further rise in the coming months due to tightening global oil supply. World oil traders are also predicting a $100/barrel scenario before the end of the year which will have a direct impact on local pump prices in the Philippines.

In hindsight, Poe said that in November 2016, diesel prices were between P25.75 and P29.32 per liter and P34.60 to P44.10 per liter for gasoline.

"Halos P20 kada litro na ang inilundag ng mga presyo ng gasolina at diesel sa loob ng halos dalawang taon," added Poe.

"Halos dalawang order na ng kanin sa karinderya ang halaga ng itinaas kada litro ng produktong petrolyo kumpara noong 2016. Hindi pa ba ito nakaaalarma? Hihintayin pa ba nating katumbas na ng ulam ang halaga ng itataas ng mga produktong petrolyo kung ihahambing noong 2016?" Poe asked.

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