DTI approves special retail price hike for Liwanag candles
MANILA - Consumers will see an increase in the price of Liwanag brand candles this coming All Saints’ and Souls’ Day following the trade department’s approval of upward adjustment of the suggested retail prices (SRPs) of the product.
A news statement released on Tuesday said the SRP for Liwanag candles will increase by 2.06 percent to 2.42 percent effective on September 17, as a result of the rising cost of paraffin wax, a major component in the manufacture of candles.
"According to the data collected and records maintained by the Department of Trade and Industry [DTI], the cost of paraffin wax has been steadily increasing in the past three years. The price of said raw material increased from P88.20 to P94.60 within 2011 to 2014. Due to this, the department approved the increase in SRP of Liwanag candles," DTI-Consumer Protection Group (CPG) Undersecretary Victorio Mario A. Dimagiba said.
As the price increase looms, the DTI advises consumers to shop for the said commodity early and avail themselves of the current price.
According to the DTI, this is the first time in three years that the DTI has approved a rise in the increase of the SRPs of candles, as it has remained relatively stable in the past years.
Candles are among the products categorized under basic necessities as stipulated in the Price Act. The DTI is the agency that has jurisdiction over the pricing of said product along with other non-agricultural basic goods such as canned fish and other marine products, processed milk, coffee, laundry bar, candles, bread, salt, instant noodles and bottled water.
Affected by this price adjustment is the Esperma variety of Liwanag candles, specifically #03, #05, #16, #18, and #24.
Esperma #03’s current SRP is at P43.75, and will increase to P44.75, Esperma #05, from, P60.75 to P62.00, Esperma #16 from, P31.75 to P32.50, Esperma #18, from, P51.75 will increase to P53.00, and Esperma #24, priced at P122. 75 to P 125.50.