Mayor Alfredo “Albee” Benitez is being asked to convene the Local Price Coordinating Council to closely monitor the prices of basic and prime commodities in view of the rising cost of fuel products.
Councilor Em Legaspi Ang, who proposed the resolution approved by the Sangguniang Panlungsod in its third regular session, said that since January this year, the prices of fuel products have been increasing.
This directly affects the prices of basic and prime commodities since most make use of fuel in the manufacturing and logistics, Ang said.
As per the Department of Energy Oil Monitor, there is a net increase of P34.80 per liter of diesel, P29.35 per liter for kerosene, and P19.30 per liter for gasoline, since the start of 2022 until July 19.
Ang noted that prices of food and other basic commodities have increased in most of the major supermarkets and public markets in the City.
“The SP of Bacolod realizes the need to closely monitor the prices…to protect the consuming public from exorbitant, unreasonable, and excessive increases,” she stressed, adding that it is the Local Price Coordinating Council that has the authority and knowledge on the retail price of all basic and prime commodities sold in all markets in Bacolod, pursuant to the price being set by the Department of Trade and Industry.
Meanwhile, oil companies announced another round of rollback in the pump prices of petroleum products, ranging from P1.80 to P2 per liter of diesel, P1 to P1.50 per liter of kerosene, and P.30 to P.50 per liter of gasoline, effective July 26.
The exact price decrement will be known on Monday.
This will be the fourth consecutive weeks of rollback, since July 5, when oil companies implemented a price decrease in diesel by P3 per liter and kerosene by P3.40 per liter, although there was no movement for gasoline.
On July 12, diesel decreased by P6.10 per liter, kerosene by P6.30 per liter, and gasoline by P5.70 per liter, while on July 19, the cost of diesel went down by P2 per liter, kerosene by P0.70 per liter, and gasoline by P5.00 per liter.
The Asian gasoil/diesel market was relatively stable on week as easing regional supply tightness dampened the market sentiment. Platts also noted that demand for gasoil from some countries in the Asia-Pacific region has been showing signs of weakness, the DOE said./CGC
