DTI tightens watch on prices of basic goods amid oil price surges

The Department of Trade and Industry (DTI) said it has intensified monitoring and enforcement efforts to keep prices of basic goods in check amid continued increases in global oil prices.

Trade Secretary Maria Cristina Aldeguer-Roque said the agency is banking on the commitment of manufacturers and retailers to hold off on price increases for basic necessities and prime commodities until at least April 16, with some items expected to remain stable until April 28.

Roque said the agreement was reached following consultations with industry players, as authorities moved to cushion the impact of rising fuel costs on consumers.

She added that most essential goods are covered by the arrangement, with several items maintaining current prices through the end of the month.

Weekly monitoring

Roque said the DTI will sustain close coordination with manufacturers and retailers as global market conditions remain volatile.

She said no agreement has been reached beyond the current timeline, but the agency will meet with stakeholders weekly or every two weeks given the unusual circumstances.

While there is no fixed cap on potential price adjustments, she said the goal is to keep any increases at a minimum.

Focus on enforcement

The DTI said monitoring and enforcement efforts are focused on supermarkets and grocery stores to ensure compliance with suggested retail prices.

Roque said inspections are being conducted in these establishments, where the agency has enforcement authority.

The agency also committed to promptly informing the public should any price adjustments occur.

Supply remains stable

Despite global pressures, the DTI said supply remains sufficient.

Roque said there are currently no issues on the supply side, even as oil prices continue to rise.

She added that government programs are in place to support small businesses, while economic activity remains steady, including trade events and online selling.—MCG, GMA Integrated News