The Department of Agriculture (DA) is monitoring reports of rising imported rice prices and may impose a price cap, as soaring oil costs threaten to push up agricultural expenses, officials said.

Fertilizer prices have also doubled due to supply delays, prompting talks with China, Russia, and India to ensure steady imports.

DA officials noted that transportation is a major cost in moving agricultural goods, meaning continuous oil price hikes will directly affect retail prices. Fertilizer, another key input, has seen price spikes due to delayed supply chains.

The department said it has been coordinating closely with the Department of Trade and Industry under the president’s directive to monitor prices and prevent profiteering. While other farm products have not yet seen significant price jumps, authorities remain vigilant.

President Ferdinand Marcos Jr. said he is still unsure about immediately using executive powers to cut or suspend the excise tax on petroleum.

“We have to watch the trends on oil prices. We just have to look. It’s very hard to say because it’s all speculation. We don’t know how long this will last for,” he said.

“Right now, we are just adjusting to the situation. And when the situation calls for it, then we will see when to exercise the power and by how much,” he added.