Basic goods not affected by oil price hikes - DTI

Trade Undersecretary Adrian S. Cristobal Jr. assured over the weekend that the recent oil price increases would have no bearing on the price of basic goods and commodities.

According to Cristobal, prices have so far remained stable based on the monitoring of key agencies like the Department of Trade and Industry, Department of Agriculture and the Department of Health.

He revealed that "we have the commitment of the transport sector, relayed through the representative of the Land Transportation Regulatory and Franchising Board, that they will not seek any fare increases."

Cristobal also reported that the price of rice has stabilized, mainly through the intervention of the National Food Authority (NFA).

Based on the report of the DA, Cristobal said the National Food Authority is infusing 7,000 metric tons of rice daily into the country’s rice supply to augment the current supply.

At the same time he said "we are also counting on the 443,000 metric tons of rice coming from India to further stabilize prices as well as bridge the gap between now and the harvest season this coming October."

Cristobal said that consumers can get the P14 to P16 per kilo rice at the Bigasan Bayan outlets in select public markets.

According to him, the prices of medicines are also not affected by the oil price hikes. The DOH has assured that medicines are not affected by such developments.

Prices of canned fish, instant noodles and processed milk have remained stable since September 2001, Cristobal added.