Breaking News
Home | Top Stories | Price body to tackle excise tax effects

Price body to tackle excise tax effects

Correspondent . 

THE Cagayan de Oro City Price Coordinating Council would convene next week in order to map out plans to prevent prices of basic commodities from skyrocketing in anticipation of the second tranche of the implementation of the Duterte administration’s tax reform law.

A gas station worker fills up the tank of a motorcycle while its driver looks on, a day after fuel prices dramatically shot up as a result of the move of oil-producing nations to reduce their outputs to prevent an oversupply. (photo by Kristian Dave Achondo)

Lawyer Jose Edgardo Uy, the council’s co-chairman, said city hall, Department of Trade and Industry, Department of Agriculture and National Food Authority officials, among others, would meet next week to see what they can do to protect consumers from opportunists and unscrupulous businessmen.

Uy said the price coordinating council would also do the rounds again and check on the calibration of has station pumps to make sure that consumers are getting their money’s worth.

On Tuesday, fuel prices dramatically shot up as a result of the move of oil producers to reduce their outputs to prevent an oversupply. The fuel prices are expected to further increase with the second tranche of the implementation of the Tax Reform for Acceleration and Inclusion (Train) law.

“Aron atong masiguro, kon ang usa litro sa gasoline nga gipalit sa usa  ka motorista, usa  ka litro ba gayud. Mao nang atong kanunay i-calibrate ang mga fuel pumps sa mga gasoline station aron  walay limbong sa quantity ang mahitabo sa fuel product,” Uy said.

While local officials and members of the price coordinating council have no control over the fuel prices, Uy said the least it can do is to protect the fuel consumers of the city.

Uy said local officials were anticipating an increase in the prices of prime commodities in the city and elsewhere because of the additional excise taxes on fuel products.

Uy said the price coordinating council would closely monitor prices of commodities and would ask stores to follow the trade department’s suggested retail prices of basic goods.

“Aron dili sab magpataka ug pagpasaka sa presyo ang mga negosyante, mas maayo tong  na-ay ilang sundon nga SRP nga i-issue ang DTI,” he said.

The NFA, he said, would also likely do the same thing when it comes to the rice supply here.

The SRPs for rice, according to Uy, would be determined by the agriculture department.

“Ang NFA under man  sa DA. Mao nang kon dunay SRP nga i-implement sa NFA sa presyo sa bugas, kini nga SRP, gikan ka na sa DA,” he said.

Uy said one of the concerns of the price coordinating council is the stability of the city’s rice supply and prices.

“Ang mandato sa NFA ma-o man ang pag-stabilize sa presyo sa bugas. Mao nang kon  mosaka ang presyo sa commercial rice tungod sa Train law, atong ipasiguro sa NFA nga   abunda ang ilang supply sa NFA rice to stabilize the prices of commercial rice,” Uy said.


About mindanao goldstar daily

mindanao goldstar daily
TREND MAKER. Mindanao Gold Star Daily was established in 1989 to set ablaze a new meaning & flame to the local newspaper business. Throughout the years it continued its focus and interest in the rural areas & pioneered the growth of countryside journalism.

Check Also

Thousands expected to visit N. Mindanao religious sites during this week’s holidays

By JIGGER JERUSALEM Correspondent . MORE than half a million people are expected to visit ...

DISCLAIMER: We welcome fiery exchanges but we do not tolerate ad hominem attacks, casting criminal and false aspersion on our reporters and opinion writers. We reserve the right to delete, reproduce or modify comments posted on our website without prior notice.

POSTING RULES: Do not use obscenity. Stick to the topic discussed. Do not veer away from the discussion and be respectful at all times. Do not use CAPITAL LETTERS as this means shouting in the thread.