The Department of Trade and Industry (DTI) has appealed for the rollback of suggested retail prices (SRPs) of basic necessities and prime commodities, following the successive decrease in fuel prices.
Data from the Department of Energy reflect that retail prices of oil significantly declined in 2015 corresponding to a 25.81-percent price drop in diesel; 13.12 percent in fuel oil; and 4.27 percent in household liquefied petroleum-gas (LPG).
In 2015 the DTI observed that price rollbacks in select brands of basic goods, such as bread, coffee, flour and milk were due to lower cost of raw materials and not attributed to the decline in prices of petroleum products.
The DTI called on manufacturers, distributors and retailers to review their prices taking into account the dramatic price decrease in diesel, fuel oil and household LPG.
“It is high time to pass on to the consumers the savings incurred by the manufacturers, distributors and retailers of basic and prime goods from lower transportation and distribution cost by reducing their prices,” newly appointed Trade Secretary Adrian S. Cristobal Jr. says. He noted that the public statement of Sen. Ferdinand R. Marcos Jr. on lowering prices of goods is well-taken by the agency.
Based on the assessment of the DTI, Consumer Protection Group Undersecretary Victorio Mario A. Dimagiba explained that the drop in prices of petroleum products can translate to a reduction in SRPs of basic and prime goods by 0.05 percent to 3.04 percent, or P0.01 to P26.46. This means that canned sardines can go down by P0.14 per can; evaporated milk by P0.29 per can; condensed milk by P0.40 per can; powdered milk by P0.38 per pack; coffee refill by P0.31 per pack; instant noodles P0.08 per pack; corned beef by P0.26 per can, flour by P26.46 per bag and cement by P1.48 per bag.