“OIL is a political commodity” whose prices are manipulated by big businesses and powerful politics in the world, Noel Medina, a Liberal party grassroot organizer, said.
He said that it’s not true that when there’s oil price hike it is a result of the world market forces. This he told local new LP chapter members who took oath as LP members during the simple but fitting ceremony held at Bohol Tropics Resort, Tagbilaran City yesterday (March 19, 2022).
To prove his point, Medina cited the waging of Iraq war by United State to find out the weapons of mass destruction (WMD).
He said as example the Oil Petroleum Exporting countries (OPEC) of how the oil prices are manipulated. OPEC, he said, may reduce the production to maintain the level of sales, rather than more production that results to low price during the war in Iraq.
That’s how bad the oil market is, he said in Tagalog.
He also took a swipe at Finance Secretary Dominguez for allegedly refusing to let go of the excise tax imposed on oil products due to skyrocketing of prices in past two months.
This revelation just came in time that oil prices of diesel, gasoline are to be reduced next week.
Rollback of oil prices is announced to take place next week, according to the Gas Price Update in the Philippines fb post.
It said that “Possible big time rollback next week! Trading forecast as of March 18, 2022: Diesel @ P12.50/Liter; Gasoline P6.96/L; and Kerosene P9.48/L.
The Department of Energy also hinted of the rollback next week but it depends on the Dubai benchmark, report said.
This came as end-users in Bohol are struggling to cope with increase of petroleum products, particularly gasoline, diesel and kerosene, for over two months apparently as a result of the Russia invasion to Ukraine.
Last week’s increase was the costliest in the series of hikes. The cost of Diesel is estimated at P11.80-P12.00/L; Gasoline, P6.90-P7.20/L; Kerosene P9.70-P9.80/L, according to GAS PRICE Update in the Philippines.
Independent players or the so-called “white stations” and the Big Three — Shell, Caltex and Petron — in the province have yet to confirm this new round of oil price hikes until Tuesday of next week.
The TIMES noted that oil price increases last week were estimated to be P5.3 per liter for diesel; P3.60 for gasoline (unleaded/regular); and P4.00/liter for kerosene.
About two weeks ago, pumping stations in the province implemented the announced hikes, such as: Gasoline P0.90-P1.00/L ; Diesel P0.70-P0.80/L; and Kerosene P0.70-P0.80/L, according to Gas Price update in the Philippines fb post.
The prevailing pump prices of gasoline (unleaded) here range from P68/liter to P77/liter; diesel at P63/liter up to 70/liter.
In northern part of Bohol, which used to be the lowest in pre-Odette pump prices are now over P80+ per liter for gasoline.
Many experts said that the inevitable hike of petroleum products is the result of invasion of Ukraine by Russia said to be the third largest oil producer in the world, reports said.
The raging Russia-Ukraine war adversely affect oil prices in U.S.A. hitting over P130/barrel, reports said. (rvo)
