Soaring oil costs cause to rice prices to shoot up

National

RICE prices in the Philippines are expected to rise further as higher fuel costs linked to the global oil crisis and the Middle East conflict affect production and transport.

Rice prices have risen by about ₱2 per kilo after last week’s fuel price hikes, industry sources said per a Philstar report.

Further increases are expected as fuel companies plan to raise pump prices by nearly ₱20 per liter this week.

The Department of Agriculture (DA) warned that higher fuel costs impact rice prices since fuel is used in harvesting, milling, and transporting palay and rice nationwide.

Orly Manuntag, spokesperson for the Grains Retailers Confederation of the Philippines, said rising farmgate palay prices, currently at ₱30 per kilo, and reduced deliveries from traders are driving retail price increases.

Data from the Philippine Statistics Authority (PSA) showed the average wholesale price of premium rice nationwide reached ₱52.37 per kilo, while the average retail price of well-milled rice climbed to ₱53.54 per kilo.

DA assured the public that rice supply remains stable. Stocks continue to be distributed through the ₱20-per-kilo rice program to support vulnerable sectors. (Rodgelyn C. Morales, CTU-TC Comm Intern)