MANILA, Philippines — Transport group Piston criticized the impending P5 per liter oil price increase, blaming market speculation and profiteering by oil companies and traders as the primary causes.

In a press statement, Piston said the expected big-time oil price hike is not due to the ongoing conflict between Israel and Iran, as commonly cited, but rather the result of deliberate price manipulation by global oil firms taking advantage of geopolitical tensions.

The group said the Department of Energy (DOE) has not reported any actual supply disruptions or shortages from the Middle East, yet local fuel prices are still projected to rise.

“There is no real supply cut from Iran or Israel. The premium placed on geopolitical tensions is just a convenient excuse for oil firms and speculators to rake in more profits,” the group said.

Piston called for urgent reforms, including the unbundling of downstream oil prices, repeal of the Oil Deregulation Law, and the nationalization of the oil industry to protect consumers from what it described as the “destructive effects of unchecked speculation.”

Oil companies are expected to announce price adjustments on Monday, with the new rates to take effect the following day.