Oil price spike hits 50.9% of firms

Higher crude oil prices are having a negative impact on the earnings of 50.9 percent of the firms responding to a recent government survey.

That feeling is even stronger among small and midsize firms, 61.4 percent of whom say they are hurt by rising oil prices.

Nearly half — 47.0 percent — of corporations responding said they are having a hard time reflecting the higher costs in their product prices, the Ministry of Economy, Trade and Industry said Monday.

Almost 15 percent of the companies said higher oil prices are taking a heavy toll on their bottom lines, while 36.2 percent acknowledged at least some negative impact.

In all, 60.1 percent said rising raw material costs are putting downward pressure on their earnings.

The findings are based on a METI survey conducted Sept. 4 to 18 on 970 companies across the country.