Laban Konsumer Inc. has urged canned goods manufacturers to lower the prices of their products as world oil prices continue to stumble.
LKI president Victorio Mario Dimagiba said they should implement at least a five-percent price cut on their canned goods products.
“Five percent at the minimum, but let the manufacturers decide if they can do it higher,” said Dimagiba, who is also the former undersecretary of the Department of Trade and Industry-Consumer Protection Group.
Federation of Filipino-Chinese Chamber of Commerce Henry Lim Bon Liong also agreed that manufacturers should look into lowering prices of canned goods amid the falling crude prices in the world market.
As of this writing, World Texas Intermediate crude is trading at $12.67 per barrel while Brent crude at $18.63 per barrel.
Data from the DTI show that suggested retail prices of 155-gram canned sardines range from P13.25 to P17.25.
SRP of 150-gram corned beef is between P18.50 and P32, while for 170-gram ranges between P29 to P37.
Other canned goods considered as basic necessities and prime commodities include condensed and evaporated milk, luncheon meat, meatloaf, and beef loaf.