Gas prices in the Philippines have been on a continuous climb over the past few weeks. Prices are going so high to the point that some motorists are dreading the point where it will reach the P100 per liter mark. As it currently stands in certain areas gas prices are still within the P70 area for both diesel and gasoline. Globally the price of oil is about $110 USD per barrel which is concerning but still relatively manageable.
That being said, this raises the question, what would happen if the price of oil goes beyond what it is now? To answer this question, the Department of Energy (DOE) has released its estimate as to what motorists can expect to pay within the coming weeks if international prices go up.
Based on the data that the government agency has, it doesn’t seem to be looking too good for car owners in the coming weeks. If the price of oil reaches $125 USD per barrel we could see local gas prices hit the P81 mark for gasoline, as for diesel it could reach an average price of around P75. If the price of oil goes even higher to around the $140 USD mark, we are looking at around P86.72 per liter for gasoline and P81.10 for diesel. With these projections not looking good in terms of pricing, the question now arises, is there any way for the price of fuel to go down?
Fuel prices can go down, but this will depend on the Organization of Petroleum Exporting Countries (OPEC). If Saudia Arabia and the UAE can muster enough production power to supply the world with more oil, we could see fuel prices dropdown. If other oil-producing countries were to also ramp up their production and meet the global demand then, we could soon see prices drop down to what they were in a couple of months. It will take some time before more oil hits the global market to offset the great demand.
Latest News
-
Ford expands its Territory with the New Territory Sport! / News
Ford Philippines expands its SUV lineup with the New Territory Sport, offering upgraded features and stylish look.
-
Hitting the road with Zero limits: The New Lynk & Co Zero / News
New leaks hint at exciting developments for the upcoming Lynk & Co Zero model.
-
The Kia EV3 Concept will be fully unveiled later this month / News
Set to be unveiled later this May, the Kia EV3 is the smallest crossover to join Kia’s growing EV lineup.
Popular Articles
-
Cheapest cars under P700,000 in the Philippines
Aug 25, 2023
-
First car or next car, the Ford EcoSport is a tough package to beat
Jun 18, 2021
-
Car Maintenance checklist and guide – here’s everything you need to know
Earl Lee · Jan 12, 2021
-
Most fuel efficient family cars in the Philippines
Bryan Aaron Rivera · Nov 27, 2020
-
2021 Geely Okavango — Everything you need to know
Joey Deriquito · Nov 19, 2020
-
Family cars in the Philippines with the biggest trunks
Sep 20, 2023
-
Head to head: Toyota Rush vs. Suzuki XL7
Joey Deriquito · Oct 28, 2020
-
Why oil changes are important for your car
Earl Lee · Nov 10, 2020
-
2021 Kia Stonic — What you need to know about it
Joey Deriquito · Oct 16, 2020
-
Top 7 tips for buying a used car in the Philippines
Joey Deriquito · Nov 26, 2020