(Ali Vicoy/ File photo/ MANILA BULLETIN)

Former Bayan Muna Party-list Rep. Carlos Zarate slammed local oil companies on Monday, Jan. 20 for their imminent "big time" price hike reaching as high as P2.80 per liter on pump fuel prices.

"Kala mo naman nalulugi ang mga kumpanya nila na bilyon-bilyon naman ang kinikita (You'd think that they are losing money, but they are raking in billions)," Zarate said of the oil firms. 

"These companies are posting billions in profits while ordinary Filipinos struggle to make ends meet," said the progressive leader.

Oil firms are eyeing price hikes on Tuesday morning on all fuel products. 

According to the Department of Energy (DOE), diesel prices may increase by P2.60 to P2.80 per liter, while gasoline prices could rise by P1.60 to P1.80 per liter. Kerosene prices are expected to go up by P2.30 2.50 per liter.

The Jan. 21 price hike will have been the third straight since the new year.

"These oil companies are showing their true colors - profit over people," Zarate said.

In light of the successive pump price hikes, the ex-veteran congressman called for immediate government intervention through the removal of value-added tax (VAT) on oil products and electricity. 

"The government must also fast-track the implementation of oil price unbundling guidelines with proper public consultation. But to address the root cause of these merciless oil price hikes the oil industry must be nationalized and regulated," he said.

"The supposed production cuts in the global market shouldn't be an excuse for these excessive increases. The government must step in to protect consumers from these predatory practices," Zarate concluded.