EDITORIAL - Oil firms' corporate social irresponsibility

Oil companies in the Philippines are on a feeding frenzy. Everytime prices rise in the world oil market, which is as frequent as once a week, and prompted in large part by the spreading unrest in the Middle East, these oil firms immediately implement a corresponding increase in their pump prices.

Supposedly, this is what happens when an industry is deregulated and free market forces are allowed to dictate prices depending on the ebb and flow of the global economy. But a free market economy does not necessarily mean companies have free rein to unconscionably abuse and exploit crisis situations.

Or does it? In the Philippines, where institutions are weak, government is ineffective, and politics predominates, it does appear to be so. Neither leader nor law appears to have the will and the means to make oil companies behave in socially aware and responsive manner.

In the Philippines, the profit motive that drives these companies is so consuming and compelling any attempt to show so-called corporate social responsibility by other means falls flat in the face of unabashed manipulation and greed. There is no hesitation to squeeze bloody profit even from stone if they can.

When the price of oil in the world market rises today, why do oil companies in the Philippines make corresponding upward adjustments in their prices on the same day when in fact the petroleum products they are selling today still come at least from last month's inventory?

Stock inventories simply do not change in a day. At the very least, it takes about three weeks to a month to do so. But if world oil prices change as many as four times in a month, that is precisely how many times oil companies in the Philippines make corresponding adjustments, never mind if the old stock they sell are unaffected by the weekly price changes.

It would have been tempting to beg Philippine institutions, government, and political leaders to do something about the rape of Filipino consumers by these oil companies. But that will only be an exercise in futility because none of them, singly or collectively is ready, willing, and able to confront these demons of society.

In light of mounting evidence of these companies' lack of conscience and responsibility, who can ever continue believing in their advocacies, whether it is for education, health, science or the environment. All these companies want are profits, and never mind if the people eventually pay with their lives.