The Communist Party of the Philippines called on the Filipino people to denounce monopoly oil companies and oil producing countries who collude in controlling global oil prices and to demand an immediate rollback in the domestic prices of petroleum products.

Marco Valbuena, CPP Chief Information Officer, pointed out on 1 February that the successive increases in petroleum prices in the past few weeks are among the biggest reasons behind the worsening socio-economic conditions in the country. “In the face of a worsening economic crisis, widespread unemployment and loss of livelihood, incessant petroleum price increases deal heavy blows against the workers, peasants and other toiling people. In the past month alone, diesel prices have increased by ₱7.95 per liter, kerosene by ₱7.20 per liter, and gasoline by ₱5.70 per liter.”

These hefty price increases add to the already heavy burden of rising costs of living brought about by the non-stop increases in the price of transportation, food, medicine and basic services, and the cost of input for manufacturing and agriculture.

Valbuena stressed that the utterly callous profit-hungry monopoly oil companies and oil producing countries are restricting production in order to push up prices and rake in superprofits at the expense of the toiling masses. Many financial speculators and oil companies who have bought oil futures and oil reserves at lower prices are making a killing with the sharp rise in prices.

The CPP further urged the Filipino people to express their outrage against the Duterte regime for failing to act in the interests of the people in the face of rising prices of all basic necessities.

The worsening poverty and further economic breakdown in the Philippines are also felt by the working peoples around the world. UN Secretary General Antonio Guterres warns of a diminishing rate of growth of global output after 2021. “Rising poverty, job losses, shredded safety nets, health-care systems pushed to the brink, and the impacts of a changing climate are placing the Sustainable Development Goals further out of reach.”