No price hike in goods amid higher fuel costs
The Philippine Department of Trade and Industry reports that prices for basic goods remain stable despite potential fuel price hikes caused by Middle East tensions. Officials are monitoring the situation and are prepared to meet with manufacturers if necessary.
Why it matters
This provides insight into government efforts to manage inflation and consumer costs in the face of global energy market volatility.
MANILA, Philippines - Consumers can expect prices of basic goods to remain steady for now despite a looming fuel price hike due to renewed tensions in the Middle East.
Trade Secretary Cristina Roque told reporters on the sidelines of the Go Negosyo MSME (Micro, Small and Medium Enterprises) Summit yesterday that the agency has not received petitions from manufacturers of basic necessities and prime commodities (BNPCs) for price hikes.
If tensions between the United States and Iran continue to escalate, Roque said the Department of Trade and Industry (DTI) would hold meetings with BNPC manufacturers.
Earlier, the Department of Energy said fuel prices could see an "extra-large" adjustment on July 21, amid renewed conflict in the Middle East.
The price increase could reach over P10 per liter for diesel.
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