Cha-cha has political aims
The Oil Cartel jacked up again fuel prices by P2 per liter triggering uproar from advocacy groups, one of which is the nationwide transport alliance PISTON. The cartel has no reason to burden consumers further given the super-profits its members already raked even before the Oil Deregulation Law took effect in 1996. The Philippines used to have Petron, which refined crude oil and distributed its products nationwide. Petron, established during the time of dictator Marcos, had a sister, PNOC, mandated to explore oil deposits in the country, source crude oil abroad. PNOC had a fleet of ships to transport fuel. Petron and PNOC made money for government. They were the proverbial stone that hit two targets during the Marcos years: they served their mandate of earning profits for the government and keeping the cartel at bay, or at least prevent it from causing as much damage as it does now, the cartel could not readily blackmail Filipino consumers. Marcos toppled in Februa...