DTI bares 2% hike in SRP for candle products Print
Sunday, 07 September 2014 16:29

The Department of Trade and Industry (DTI) has disclosed that the Suggested Retail Price (SRP) of candle products is set to increase by two percent this month.

DTI Provincial Director Eng’r. Rolando Acuña said the increase in the SRP for candles will take effect September 17 brought about by the rise in prices of candles’ raw materials.

“We have received a notice from Manila that we have a new SRP for candles. Based on the new SRP, we are going to see a slight increase in the prices of candles by two percent,” Acuña added.

Acuña said this came about after the prices of paraffin wax, which is the major component in the production of candles, has increased.

Paraffin wax is a white or colorless soft solid that is used as a lubricant and for other purposes.

Acuña said the expected increase will range from 40 to 50 centavos for retail to more or less P4 per pack of candles.

He said there are no changes in the prices of candles yet as of this time based on their monitoring.

The demand for candles is expected to increase as the observance of the All Soul’s Day is fast-approaching.