Price caps on agricultural commodities not yet needed amid fuel price hikes, says DA

The Department of Agriculture (DA) said Wednesday that it does not see the need for now to impose a price cap on agricultural commodities despite the spike in the prices of fuel products.

“…We might propose price caps in case lang. But as of the moment, no need except for rice,” said Agriculture Secretary Francisco Tiu Laurel Jr. in a chance interview with reporters.

Pump prices of petroleum products increased anew this week, as retailers announced another round of increases following the reescalation of tensions between the United States and Iran in the Middle East.

According to the Department of Energy, the maximum permitted price adjustments for the week starting Tuesday, July 21, are as follows:

• Gasoline: Up to P3.65 per liter
• Diesel: Up to P10.68 per liter
• Kerosene: Up to P11.77 per liter

The Agriculture Department said that it is closely monitoring the situation.

“‘Yun ang closely minomonitor natin. Dahil habang tumataas ang presyo na naman sa international due to the issue sa Middle East, may tendency bumalik, tumaas na naman yung fertilizer, tsaka yung transport,” said Tiu Laurel Jr.

(That's what we are closely monitoring. Because as international prices rise again due to the issue in the Middle East, there is a tendency for fertilizer and transport costs to increase again as well.)

The DA chief added that latest monitoring showed stable prices of commodities.

“Sa ngayon kasi sa monitoring namin ng mga commodities, halos lahat medyo maayos yung presyo. Tumaas lang ng konti ang manok pero baboy mababa,” said Tiu Laurel Jr.

(For now, based on our monitoring of commodities, almost everything is priced fairly well. Chicken prices went up just a little bit, but pork is low.)

The DA earlier directed the National Food Authority (NFA) to set the minimum buying price for wet palay at P21 per kilo to help address the higher cost of fertilizer and other inputs, beginning the upcoming harvest season in September. —RF, GMA News