Metro Manila (CNN Philippines, March 10) — The Canned Sardines Association of the Philippines (CSAP) said it will meet with Trade officials on Friday as it pushes for price hikes amid the Ukraine-Russia tension, sending oil prices to soar.
The group has urged the Department of Trade and Industry (DTI) to immediately act on its request.
“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 Buencamino said in a statement on Thursday.
This week, industry players are implementing hefty oil price increases, marking the tenth consecutive week of hikes.
Latest figures from the Department of Energy showed that as of Monday, prices of gasoline have gone up by ₱9.65 per liter since the start of 2022. Prices of diesel and kerosene increased by ₱11.65/l and ₱10.30/l, respectively.
A government official, however, warned that the price increase this week would not be the last.
In a statement on Wednesday, House ways and means panel chairman Rep. Joey Salceda said gasoline prices could rise by about ₱11.1 per liter next week considering that current crude prices are already at $127 per barrel.
READ: Gas prices seen to rise over ₱11/L next week, could eventually skyrocket to ₱100/L
The CSAP also stressed its position that the DTI’s approval of suggested retail price (SRP) bulletin for basic and prime goods “appears to be an act of price control” when there are no qualifying conditions to implement such a move.
“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,” he said.
“There is no provision in the Price Act requiring retailers to wait for the agency’s prior approval before implementing any price increase,” Buencamino said.
