DTI assures consumers that prices of basic goods will remain stable

The Department of Trade and Industry (DTI) assured consumers yesterday that prices of basic goods remain stable even as some unscrupulous retailers speculate that prices are on the rise due to a series of oil price hikes.

Trade Assistant Secretary Norman R. Hocson explained that an increase in diesel and gasoline prices should not mean that retailers should jack up their prices as well.

Hocson pointed out that for most basic products, fuel and distribution costs account for only up to five percent of total retail price.

Thus, Hocson said, an increase in pump prices may cause minimal to no impact at all on the cost of basic necessities.

He assured that the DTI is seriously pursuing talks with manufacturers and producers to hold off any price adjustments to spare consumers from the burden of rising prices.

"We warn the public of retailers who are possibly causing artificial price increases and taking advantage of the current fuel price situation to rake in profit at the expense of hapless consumers," Hocson said.

Hocson encouraged consumers to report to the DTI any knowledge of profiteering and unfair pricing in the market.

The DTI’s consumer welfare desks, Hocson said, are more than accommodating to hear their complaints so that the DTI can respond immediately.

Hocson urged the public to exercise their right to choose from a wide range of products offered in the market which vary in terms of brand, size, quality and price.

"Because of competition forces, businesses cannot increase their prices just as easily or else they would lose their clients. There are brand products which have kept their current prices, and a consumer must simply be discerning and purchase those that fit his or her budget," Hocson said.

Hocson advised buyers to canvass prices before buying, or look out for special offers such as free items and promotional discounts to get their money’s worth.