DOE warns: Gasoline could hit P86.72, diesel P81.10 if global prices rise

Local pump prices of gasoline and diesel could reach P86.72 and P81.10 per liter respectively if global oil prices continue to rise, the Department of Energy (DOE) warned.

Diesel prices are expected to increase by up to P12 per liter next week, marking the 11th consecutive week of price hikes due to ongoing tensions between Russia and Ukraine.

The DOE's warning comes as domestic pump prices have already been raised for ten weeks in a row, with oil firms citing global constraints and Russia's role as a major exporter.