Bread, oil price hikes loom

Consumers face a price increase of at least P4.50 for a loaf of Pinoy Tasty and P3.50 for a pack of Pinoy Pandesal by February 1.Bakers are asking for a P4.50 price hike for the Pinoy Tasty amid an increase in the price of flour.

Trade Undersecretary Ruth Castelo said the government already expected the price hike petition since bread makers have been holding off on doing so since last year. Motorists should also brace for higher fuel prices this week, by as much as P1.90 per liter of diesel.Unioil Petroleum Philippines said based on its fuel price projections for January 25 to January 31, the price per liter of diesel might increase by P1.80 to P1.90, while gasoline prices are seen to rise by P1.40 to P1.50 per liter.

The gas and diesel market also got a boost from the sudden ban in coal exports by Indonesia, as Asian utility producers could possibly be switching to gas oil to cover the coal-fired power generation shortfall.

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