The Canned Sardines Association of the Philippines (CSAP) said it is set to meet with the Department of Trade and Industry (DTI) on Friday, March 11, to discuss possible price hikes given the impact of the tensions between Russia and Ukraine.
According to CSAP, the cost of production would likely increase further should there be another round of hikes in domestic pump prices, with a major upward movement expected next week.su
“We understand that the DTI needs to do a balancing act for both the manufacturers and the consumers. However, we are concerned that another round of fuel price hikes would drive up production costs by 3.5%,” CSAP executive director Francisco “Bombit” Buencamino said in an emailed statement.
Oil firms on Tuesday hiked prices per liter of gasoline by P3.60, diesel by P5.85, and kerosene by P4.10, marking the 10th straight week of upward movement.
Latest data available from the Department of Energy (DOE) indicate that year-to-date adjustments stand at a total net increase of P8.75 per liter for gasoline, P10.85 per liter for diesel, and P9.55 per liter for kerosene as of February 22, 2022.
An industry source said that a big-time pump price hike could be implemented next week — gasoline to possibly be hiked by P8.28 per liter, and diesel by P12.72 per liter.
The CSAP also reiterated its position that the DTI’s approval of a suggested retail price (SRP) bulletin could be considered as an act of “price control” and there are currently no conditions to warrant such an implementation.
“The SRP is recommendatory in nature, so it should not be limiting the industry to implement sound price adjustments, especially today when the odds are working against us,” Buencamino said.
“There is no provision in the Price Act requiring retailers to wait for the agency’s prior approval before implementing any price increase,” he continued.—AOL, GMA News
Canned sardines association eyes price hikes as pump prices continue to climb
Source: News Panda Philippines
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