The Department of Agriculture plans to impose a ₱50 price cap for imported rice per kilo.

The plan is linked to the surge in oil prices, which affects the shipping costs.

“We are studying the imposition of a price cap on imported rice, possibly P50 per kilo,” according to DA Secretary Francisco P. Tiu Laurel Jr.

The agriculture department explains that due to the ongoing conflict in the Middle East and Iran's control of the Strait of Hormuz, the fuel prices in the global market are continuously going upward.

The hike in fuel costs is gradually affecting the agricultural sector, particularly the increasing cost of fertilizer, freight, and fuel.

When it comes to locally-produced rice, the agency is not considering implementing the same price cap as it may cause a potential collapse in prices during the harvest. DA Sec. Tiu Laurel Jr. has confirmed that the same price cap can be implemented during post-harvest to prevent profiteering.

With reports from Mia Alonzo

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