DOE: PH gas prices could reach as high as P86.72/L, diesel P81.1/L

Things are looking pretty rough
by Leandre Grecia | Mar 14, 2022
PHOTO: Shutterstock

A week ago, we were all wondering if fuel prices in the Philippines will actually hit P100 per liter. The Department of Energy (DOE) initially said that it’ll depend on the global oil market. But now, the agency has released actual estimates.

In a Senate hearing earlier today, the DOE revealed its estimates of local gasoline and diesel prices based on the rising global fuel prices. Should the price of oil go much higher than the current rate of $110 per barrel, we could see the prices of gasoline shoot up to as much as P86.72 per liter and diesel to P81.1 per liter. As for kerosene and LPG, prices for these could go as high up as P80.5 per liter and P119.53 per kilogram, respectively.

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For its part, the DOE says it is working on both short- and long-term solutions. The former includes getting fuel companies to implement discounts, the Pantawid Pasada program, and strict monitoring of fuel prices. The latter, meanwhile, includes the DOE’s proposal to amend the Oil Deregulation Act and the TRAIN Law.

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Frankly, the rate fuel prices keep skyrocketing right now, it’ll come as no surprise if pump prices reach that level. And after the latest big-time increase, that P100 per liter figure no longer seems too farfetched.

What’s your take on this, readers? How much is fuel in your area now? If you’re wondering why prices seem to be higher in some places, here’s an explainer.

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