The Department of Trade and Industry (DTI) is expecting flour millers to rollback prices to P800-P830 per 25-kilogram bag from the current P900 to P940 due to the sharp declines in prices of wheat in the international market.
DTI undersecretary for consumer welfare Zenaida C. Maglaya, at the launch of the Valentine’s Day “Diskwento Caravan” at the DTI main office in Makati City, said that flour prices have remained high at P900 to P940 per bag even if prices of wheat in the international market have gone down to US$ 300-400 per metric ton (MT) now from a December 2011 average of US$ 313.79 MT.
Prices of wheat in February 2011 ranged from US$ 344 per MT. Year-ago prices of flour was P830 to P870 per bag.
“We expect them to go down to P800 to P830 per bag to reflect the decreases in prices of wheat in the international market,” Maglaya said.
Maglaya said that her office is sending out letters to flour millers to submit their acquisition cost on a per company basis.
Meanwhile, the DTI said it is also drafting a “show cause” order why the flour millers have not yet reflected the reduced prices of wheat in their locally-milled flour.
Maglaya said that the pending case before the Makati Regional Trial filed by three flour millers against the DTI cannot prevent them from filing another profiteering case against the millers.