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Big-time hikes for oil products starting Jan. 21

  • Diesel prices will increase by P2.70 per liter and gasoline by P1.65 per liter starting January 21, as stated by local oil companies.
  • Former Bayan Muna party-list Rep. Carlos Zarate criticized oil firms for their profits while ordinary Filipinos struggle, saying, 'These companies are posting billions in profits while ordinary Filipinos struggle to make ends meet.'
  • The upcoming price hike marks the third consecutive week of increases, with the Department of Energy noting that the sanctions against Russia may impact global crude prices.
  • Zarate called for government intervention to remove the value-added tax on oil products and for the oil industry to be nationalized and regulated.
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