Business and Economy
Business leader: Fuel price hike can result to food price increase
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BACOLOD CITY — Frank Carbon, president of the Metro Bacolod Chamber of Commerce and Industry, said that food prices are expected to increase as prices of fuels continue to rise.
In fact, another fuel price hike is imposed by the oil companies.
Gasoline prices is up by 50 centavos per liter and diesel by over P1 per liter.
Last week, the oil firms raised the price of gasoline by 95 centavos, diesel by 65 centavos, and kerosene by 50 centavos per liter.
Carbon said that the present price of diesel is pegged at P32 per liter which is still far from the price rate last year at P40 per liter.
“I believe it would not go up that much, it could only reach up to P35 per liter,” Carbon said.
Because of the continuous increase of fuel prices, transport sector all over the country are pressing for fare rate increase.
Excluding this week’s adjustments, the price of gasoline has increased by P4.02 per liter while that of diesel has risen by P1.04 per liter since January.
