Manila Bulletin – Basic goods must be cheaper after oil price drop — Marcos
By Mario Casayuran | Manila Bulletin
Senator Ferdinand “Bongbong” R. Marcos, Jr. expressed yesterday dismay at the inability of the Executive branch to influence the reduction of high prices of basic commodities following the historic, sharp decreases in the world price of crude oil.
“I don’t understand the structure bakit ganoon (why it is like that). They should be able to (slash prices of basic commodities),” Marcos replied to a query by the Manila Bulletin on prices of commodities not moving in concert with the reduction of imported crude oil.
Earlier, Kabataan Party List Rep. Terry Ridon had asked the Aquino administration, particularly the Department of Trade and Industry (DTI), the reason why the prices of basic commodities remain high despite the successive oil roll backs in the past weeks caused by falling oil costs in the global market.
From a high of more than $100 per barrel of crude oil in the international market, the price level has gone down to less than $50 per barrel.
“The huge drop in oil prices should directly translate to lower prices of basic commodities, particularly food items. Yet many consumers will tell you that the price of even the most basic food items have not moved at all,” Ridon said.