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Sardines manufacturers ask DTI for price increase citing fuel price spike

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ABS-CBN News

<p><br/>MANILA - A group of canned sardines manufacturers on Thursday asked the Department of Trade and Industry to allow them to hike prices to cope with the spiraling increases in fuel prices. </p><p>In a statement, the Canned Sardines Association of the Philippines (CSAP) said the DTI should &quot;immediately act on its requested price increase to cushion the price shocks and trade disruption brought about by the geopolitical conflict between Russia and Ukraine.&quot;</p><p>“We understand that the DTI needs to do a balancing act for both the manufacturers and the consumers. However, we are concerned that another round of fuel price hikes would drive up production costs by 3.5 percent,” said CSAP executive director Francisco Buencamino. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/02/24/22/fuel-flour-prices-seen-rising-due-to-ukraine-crisis">Fuel, flour prices expected to rise as Ukraine crisis continues</a></li></ul><p>The industry does not want a repeat of what happened during the height of the pandemic where the SRP was <a href="https://news.abs-cbn.com/business/03/11/20/dti-issues-price-freeze-on-basic-goods-amid-virus-outbreak">not adjusted</a> for years and had cost the canned sardines industry to suffer huge losses, Buencamino said.</p><p>DTI earlier said it was <a href="https://news.abs-cbn.com/business/02/25/22/taas-presyo-ng-bilihin-dahil-sa-oil-price-hikes-pag-aaralan-pa">still studying</a> petitions for price hikes in basic commodities. </p><p>The agency also said the country had enough supplies of prime goods, and that consumers should &quot;<a href="https://news.abs-cbn.com/business/03/07/22/dont-panic-supplies-enough-dti-says-amid-ukraine-war">not panic</a>&quot; about the effects of the Ukraine crisis on basic necessities in the Philippines. </p><p>CSAP meanwhile said DTI&#x27;s SRP bulletin &quot;appears to be an act of price control.&quot; </p><p>The group said the SRP is recommendatory in nature so it should not be limiting the industry to implement price adjustments.. </p><p>&quot;There is no provision in the Price Act requiring retailers to wait for the agency’s prior approval before implementing any price increase,” Buencamino said. </p><p>CSAP said it is expected to meet with the DTI tomorrow to discuss the issue. </p><p>Fuel prices have spiked in the last 2 weeks as Russia&#x27;s invasion of Ukraine pushed world crude oil prices to as high as $139 a barrel. </p><p>Bread manufacturers and bakeries have also warned that prices of bread and baked goods will rise as wheat supplies get disrupted, with Ukraine and Russia being major wheat exporters.</p><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1943085" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div><div> </div>

A group of canned sardines manufacturers on Thursday asked the Department of Trade and Industry to allow them to hike prices to cope with the spiraling increases in fuel prices. 