Were you thrilled by this week's "big time" price rollback on pump fuel products?
If so, you shouldn't, based on former Bayan Muna Rep. Carlos Zarate's perspective on fuel price movements so far this 2022.
"Since January this year diesel prices increased by P36.80/liter, gasoline by P24.30/liter and kerosene by P30.05/liter. It would take around 5-6 rollbacks as big as this week's before oil prices reverts to last year's level. But then again laat year's oil prices are also already high to begin with," said Zarate on Wednesday, July 13.
On Tuesday, local oil companies reduced their prices of gasoline, kerosene, and diesel by around P6/liter.
"Even with the supposed big time oil price rollback yesterday, the net increase of oil prices from the start of the year far outweighs it," said the former House deputy minority leader.
But who to blame for it? Zarate said it's all because of the failure of the Oil Deregulation Law to lower fuel prices. "It in fact caused the opposite to the prejudice of our people, the poor especially."
Zarate was referring to Republic Act (RA) 8479, or the Downstream Oil Industry Deregulation Act of 1998. It was enacted on Feb. 10, 1998.
The law's purpose was to liberalize and regulate the downstream oil industry in order to ensure a truly competitive market under a regime of fair prices, adequate and continuous supply of environmentally-clean and high-quality petroleum products.
The Makabayan bloc in Congress, which Zarate has been a longtime member of, have consistently assailed the 24-year-old law.
"The more than two decades of high oil prices is proof that the Oil Deregulation Law is a monumental failure and has to be scrapped. The Filipino people will continue to suffer if this law and the neoloberalization policy that created it is not junked," Zarate added.