According to DOE gas prices could hit PHP 86.72 and Php 81.10 for diesel
With prices continuing to increase with no end in sight, it has left many motorists wondering and speculating as to how high per liter may actually reach; with some estimates going as high as Php 100USD 2INR 145EUR 2CNY 12 per liter.
Well, the (sort of) good news is, the DOE has released its estimates based on the current trend of oil prices globally.
Photo: DOE
Right now, we’re at the $110PHP 6,475INR 9,357EUR 106CNY 803 per barrel prices globally, if you look at the table our local gas prices are slap bang in the middle of that range (depending on which area and what gas station). So the Php 100USD 2INR 145EUR 2CNY 12 per liter estimate, while still far, could actually become a reality.
Is there any respite from the continuous increase? well, our own government is doing its best to subsidize the most affected sectors (transport and agriculture), there are also some calls already to remove the excise tax on fuel for the time being.
However, looking at the table above, it does seem the situation may get worse before it gets better, right now the best we can do is to prepare and brace ourselves for any possible outcome. The current Russia-Ukraine crisis is still ongoing, which means we may have to deal with this a little longer. It’s best to be smart motorists for now and plan EVERY trip accordingly.
