PRICE MONITORING. A Department of Trade and Industry-Negros Oriental personnel checks the prices of basic and prime commodities at a grocery store. Following another round of increase in fuel prices on Tuesday (March 15, 2022), the DTI-Negros Oriental is calling on the public to refrain from hoarding and panic-buying to avoid artificial shortage. (Photo courtesy of DTI-Negros Oriental Facebook page)
DUMAGUETE CITY – The Department of Trade and Industry (DTI) in Negros Oriental has cautioned the public against hoarding and panic-buying of basic and prime commodities as fuel prices continue to soar.
DTI-Negros Oriental provincial director Nimfa Virtucio told the Philippine News Agency that hoarding and panic-buying would create an artificial shortage of commodities despite ample inventory available in the market.
Virtucio’s statement came as the country on Tuesday faced another round of increase in fuel prices, with about PHP8 a liter more for gasoline and PHP12 a liter for diesel.
“We are anticipating an increase in the prices of basic and prime commodities in the near future due to the fuel price hike although right now, grocery stores and other outlets are being monitored to ensure they are sticking to the existing suggested retail prices,” she said.
Manufacturers also cannot just increase their prices without seeking approval from the DTI, she added.
“And if ever there is an increase in basic and prime commodities, it will not take effect immediately, unlike fuel prices, because manufacturers have at least three months of stock inventory that have to be consumed,” Virtucio said.
She clarified that the DTI’s coverage is limited to basic necessities and prime commodities while fuel and other products, such as in the agriculture sector, are to be monitored by the local price coordinating council in the towns and cities. (PNA)
