DTI: Fuel price hikes ‘little’ effect on basic goods’ prices

The recent spate of fuel price hikes has “little” effect on prices of basic goods and should not jack up prices by more than two percent, the Department of Trade and Industry said Sunday. DTI Secretary Gregory Domingo said this was the result of their analysis of the effects of this week’s fuel price hikes on the prices of basic goods. “Ang sinasabi lang natin huwag gawing excuse 'yan [oil price hikes] para mag-increase ng 10 percent. Pag may increase, minimal 'yan. We’re talking about one percent, two percent; mataas na ang two percent increase," Domingo said in an interview on dzBB radio. Prices of fuel products, including liquefied petroleum gas, went up last week, prompting howls of protest from various groups. Increases in fuel prices had occurred almost weekly this year. But Domingo assured the public the DTI is keeping track of the price adjustments and their impact on basic goods. “Pinag-aaralan natin yan mabuti kung anong connection ng ating commodities doon sa presyo ng langis. At maliit lang ang epekto ng pagtaas ng presyo ng langis sa presyo ng ating bilihin," he added. On the other hand, Domingo admitted another projected price hike this coming week may have an effect on prime commodities. But still, he said prices of basic goods had been stable in the last two months. This has been relatively the most stable stretch since he took over the DTI in July 2010, Domingo said. “Prices of goods have been relatively stable, with small upward and downward adjustments. Since I took over the DTI in July 2010, I can say prices have been at their most stable in the last two months,” he said. — LBG, GMA News