DTI calls for price rollback

The Department of Trade and Industry (DTI) on Friday called for rollback of Suggested Retail Prices (SRPs) of basic necessities and prime commodities relative to the decrease in diesel and fuel oil prices. In calling for price rollback, newly appointed DTI Secretary Adrian S. Cristobal Jr. cited data from the Department of Energy showing that retail prices of oil have significantly declined in 2015 corresponding to a 25.81% price drop in diesel, 13.12% in fuel oil, and 4.27% in household liquefied petroleum gas (LPG). In 2015, the DTI observed that price rollbacks in selected 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. Now, the DTI calls on the 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,” said Cristobal. Trade Secretary Cristobal noted that the public statement of Senator Ferdinand R. Marcos Jr. on lowering prices of goods is well-taken by the agency. Based on the assessment by DTI Consumer Protection Group Undersecretary Atty. Victorio Mario A. Dimagiba, the drop in prices of petroleum products can translate to a reduction in SRPs of basic and prime goods by 0.05% to 3.04% or 0.01 to 26.46. This means that canned sardines can go down by 0.14 per can, evaporated milk by 0.29 per can, condensed milk by 0.40 per can, powdered milk by 0.38 per pack, coffee refill by 0.31 per pack, instant noodles 0.08 per pack, corned beef by 0.26 per can, flour by 26.46 per bag, and cement by 1.48 per bag. (BCM)