Farmers slammed oil companies for imposing another round of massive fuel price increases this week, calling on them to “moderate their greed” as Filipinos reel from one of the biggest oil price shocks this year.

The Kilusang Magbubukid ng Pilipinas (KMP) said the latest round of oil price hikes implemented as of today, March 17, further exposes how oil firms continue to profit at the expense of the public. Reports show diesel prices surged by as much as P20.40 to P23.90 per liter, gasoline by around P11.60 to P13.00 per liter, and kerosene by up to P4.80 to P8.90 per liter in a single week, among the highest increases recorded in recent years.

“These back-to-back, double-digit oil price hikes are unjust and unbearable. Oil companies are clearly taking advantage of the situation to jack up prices and maximize profits,” KMP said.

KMP underscored the lack of transparency in fuel pricing, stating: “Gasoline prices include international rates, local costs, and corporate profit, but oil companies fail to transparently itemize their local expenses, making it hard for the public to see how much they are being overcharged per liter.”

The group warned that fuel prices could climb even higher, with projections indicating diesel may reach nearly P115 per liter and gasoline over P90 per liter, worsening the burden on farmers and the public. “Sa bawat pagtaas ng presyo ng langis, pumapaldo rin ang gobyerno. The government earns value-added tax (VAT) from fuel sales, with the tax calculated based on the product’s selling price. This means that every oil price hike automatically increases the government’s tax collection from consumers.”

KMP emphasized that rising fuel costs drastically increase agricultural production expenses from land preparation and irrigation to post-harvest transport. Oil price increases are also driving up food prices nationwide. “Farmers are hit twice: higher production costs and lower real incomes as consumers struggle with rising prices,” the group added.

At the same time, KMP pointed out that major oil companies continue to post massive profits. San Miguel Corp. owned Petron Corporation reported a record net income of P15.6 billion in 2025, an 84% increase from the previous year, its highest earnings to date.

“The contrast is glaring, while farmers are drowning in debt and losses, oil companies are raking in billions in profits,” KMP said. The group also criticized other industry players such as Pilipinas Shell Petroleum Corp., noting that global parent firms like Shell PLC continue to generate billions of dollars in earnings, underscoring the profitability of the oil industry despite claims of market volatility.

KMP called on Malacañang to take urgent action to curb what it described as “unchecked profiteering” in the oil industry. “The government must not stand idle while oil companies keep exploiting the crisis wrought by US war on Iraq,” the group said.

Among the measures proposed by KMP are the imposition of price controls, removal of VAT and excise taxes on fuel, stricter monitoring of oil pricing practices, and junking of the oil deregulation law.

“At this time of war and crisis, farmers and ordinary Filipinos are paying the price of corporate greed. Malacañang must act decisively to rein in the greed of companies and provide urgent economic relief,” KMP concluded. The group warned that continued oil price hikes will lead to further spikes in food prices and deepen food insecurity across the country. ###