MANILA - A transport group is again pushing for the repeal of the Oil Deregulation Law as fuel prices rise due to the Middle East conflict.

In place of a deregulated oil market, the Pinagkaisang Samahan ng mga Tsuper at Operator Nationwide (PISTON) is pushing for the creation of a Petroleum Regulatory Council which would monitor and regulate oil prices in the country.

PISTON took to the streets of Metro Manila on Tuesday to protest rising oil prices which it said has burdened the public utility jeepney sector.

The group held simultaneous rallies in Metro Manila, including Quezon City, Caloocan, Pasig, Baclaran, and Alabang.

"Tayo ay kagyat na nanawagan na magkaroon ng serye ng pagkilos hindi lang sa NCR, pati maging sa ibang rehiyon para kondenahin ang mga pagtataas ng presyo ng petrolyo," PISTON President Mody Floranda said.

• 'Medyo mahirap sabihin na bababa': Expect high fuel prices until end of 2023, DOE says

PISTON said the recent oil price hikes have wiped out the gains from the recently approved P1 increase in the base fare for jeepneys.

"Wala na siyang saysay nilamon ito ng serye ng pagtaas. Itong piso kung 200 passengers kami (a day) ay 200 pesos lamang," Floranda said.

• Israel-Hamas war a 'new cloud' over world economy: IMF

OIL PRICE INCREASE

Several petroleum companies, including Shell, SeaOil, CleanFuel, and Caltex, have announced a price increase of P0.95 per liter of gasoline. PetroGazz, Jetti, Unioil, and PTT will also implement the same price hike on gasoline. Diesel prices for all these companies will go up by P1.30 per liter, marking an end to the three-week consecutive rollbacks for diesel.

Last week, the DOE stated that the increase was due to depleted crude oil stockpiles in the United States.

Based on DOE's October 17 data, price changes led to a year-to-date per-liter increase of P12.80 for gasoline, P10.40 for diesel, and P4.99 for kerosene.

This week's price hike ends the three-week price rollback for diesel and will mark the second consecutive week of gasoline price increase.

"Halimbawa kami ay nagco-consume ng 30 liters per day halos 500 pesos ang nawawalang kita. Pag tinignan natin sa isang buwan ay malutong na 15,000 pesos na nawawala ay dapat ito ay direct nang nagagamit ng pamilya para sa pangangailangan at least pambayad man lang ng tubig, ilaw, paninirahan at paglalagay ng pagkain sa hapag kainan," Floranda said.

OIL DEREGULATION LAW

Floranda said that the government must take action to scrap the Oil Deregulation Law and regulate fuel prices. The group said oil companies and cartels may exploit the ongoing Israel-Hamas conflict to increase oil prices.

"Ibasura yung Oil Deregulation Law na matagal ito na namamayagpag. At kung makikita natin hindi naman talaga nag-benefit yung driver at operator at mamamayan. Bagkus ay nagbigay laya lamang sa malalaking cartel at malalaking negosyante sa industriya ng langis na sila na lamang nagtatakda ng pagtaas at pagbaba ng presyo ng petrolyo na napapanahon sa ngayon. Kailangan ibasura yung oil deregulation law," Floranda said.

• IMF: Israel-Hamas war may lead to higher inflation

The Philippines depends heavily on imported crude oil from the Middle East. PISTON warns that if oil companies exploit the war situation to increase prices, it will adversely affect the earnings and livelihoods of public utility vehicle (PUV) drivers, operators, and commuters.

In recent months, high fuel costs have already contributed to the rise in prices of basic goods and services.

• PH inflation quickens to 6.1 pct in September