The Department of Trade and Industry is urging manufacturers of basic necessities and prime commodities (BNPCs) to hold the line on prices as global fuel costs continue to climb, signaling a cautious but proactive stance against inflationary pressure.
Trade Secretary Cristina Roque said the agency has opened talks with manufacturers to assess how rising pump prices are affecting production and distribution expenses. While internal discussions are ongoing, Roque clarified that a price freeze is not currently on the table.
“I am already talking to them so once we just finish talking, we will release a statement,” Roque told reporters, underscoring the government’s preference for dialogue over direct intervention.
The DTI is coordinating closely with the Department of Energy and awaiting guidance from Energy Secretary Sharon Garin on oil market movements to better evaluate the potential impact on consumer goods.
Relief measures are being readied should Dubai crude average $80 per barrel. Targeted fuel subsidies may be rolled out for public utility vehicle drivers, farmers and fisherfolk, possibly through the Pantawid Pasada program and fare subsidies on key transport routes.
At the same time, President Ferdinand Marcos Jr. is consulting Congress on granting temporary executive authority to reduce excise taxes on petroleum products if crude prices breach the USD80 threshold.
Meanwhile, the DOE is in discussions with oil firms to stagger price hikes, aiming to cushion consumers from abrupt spikes at the pump.
With inflation risks looming, the government’s balancing act now hinges on cooperation from industry players—and the unpredictable trajectory of global oil markets.
