INQUIRER.net stock photo
MANILA, Philippines — Prices of gasoline may reach P100 per liter depending on the increase of oil prices in the world market, Energy Secretary Alfonso Cusi said Tuesday.
“Depende kung how much it will go up in the world market. Kasi nga ang price ngayon… is already at 125 [dollars] per barrel, Dubai price. Pero ang ating presyo ng ating retail at pump price natin ngayon is already breaching 70 [pesos],” Cusi said in an online press briefing, when asked if it is possible that gasoline prices may reach P100 per liter.
(It depends on how much it will go up in the world market. Because the Dubai price now is already at 125 dollars per barrel. But the retail and pump price is already breaching P70.)
“Kung sa pwede, pwede, depending on how high it will hit in the world market, which we are all hoping and praying na hindi mangyari,” Cusi added.
(Regarding the question if it is possible, it is possible, depending on how high prices will hit in the world market, which we are all hoping and praying to not happen.)
Cusi earlier met with the management of oil companies to discuss the soaring prices of oil and petroleum products in the local market.
According to Department of Energy-Oil Industry Management Bureau Director Rino Abad, oil companies said during the meeting that they have not seen supply disruption yet but are experiencing an increase in importation costs.
He said the public should brace for a significant rise in the prices of fuel products, noting that the average crude oil price in Dubai was just at $83.46 dollars per barrel in January but already increased to $116.19 as of March 3.
RELATED STORIES
Cusi orders PNOC, oil companies to discuss strategic petroleum reserve plan
Brace for oil price hike anew next week — DOE
Putin’s war on Ukraine and impact on PH prices
Inflation stuck at 3 percent in February but oil price tsunami feared