Gasoline prices may reach P100 per liter amid global oil surge

Energy Secretary Alfonso Cusi stated that gasoline prices in the Philippines could reach P100 per liter, contingent on further increases in the global oil market.

Market analysts are forecasting that global oil prices, which surged to as high as $130 per barrel on Monday, could breach $150 per barrel this week.

Industry players calculated that this drastic climb in prices could lead to price hikes of P8.20 to P8.50 per liter for gasoline, P12.55 to P12.65 per liter for diesel, and P11.10 to P11.20 per liter for kerosene.

These adjustments could impact Filipino consumers next week if world oil prices do not wane in the next three days.

Cusi explained that current retail prices are already over P70 per liter, despite Dubai crude oil prices being around $125 per barrel.

He expressed hope that global oil prices would not escalate further, which would prevent the feared price hike.

The Department of Energy (DOE) has engaged with oil companies to address the rising cost of petroleum products.

Oil companies indicated during the meeting that while they haven't experienced supply disruptions, their importation costs have significantly increased.