DOE: LPG prices likely to reach P1,300 if global oil prices continue to rise

By: Neil Arwin Mercado - Reporter / @NAMercadoINQ - Inquirer.net | March 14,2022 - 03:35 PM
LPG PRICES MAY HIT P1,300 IF GLOBAL OIL PRICE INCREASE WILL CONTINUE.

FILE PHOTO A worker carries an empty LPG tank while they await for new stocks to arrive at a refilling station in Mindanao Avenue, Quezon City. INQUIRER PHOTO/RAFFY LERMA

MANILA, Philippines — Prices of liquefied petroleum gas (LPG) in the country may spike up to P119.53 per liter—or around P1,314 per 11 kilogram cylinder—if international fuel prices keep on increasing, the Department of Energy (DOE) said Monday.

Energy Undersecretary Gerardo Erguiza Jr. said such will be the case if oil prices in Dubai reach $140 per barrel. At $120 per barrel, LPG prices are seen at P106.38 per liter while at $130 per barrel, LPG prices are expected to reach P112.95 per liter.

According to DOE’s website, current prices per 11-kilogram cylinder of LPG range from P880.45 to 1140.00 or P80.04 to 103.63 per liter as of March 2022.

Meanwhile, Erguiza also reported that gasoline prices are expected to reach P86.72 per liter, diesel at P81.10 per liter, and kerosene at P80.50 per liter if global oil prices reach $140 per barrel.

“Sa $140, we expect that gasoline will go as high as P86.72, diesel at P81.10 and kerosene at P80.50 [per liter],” Erguiza said during the hearing of the Senate committee on energy.

The DOE also presented projected prices depending on the per barrel price of oil in the global market.

Energy Secretary Alfonso Cusi earlier said that prices of gasoline may even reach P100 per liter depending on the increase of oil prices in the world market.

Despite the rise in prices, Erguiza assured that there is no shortage in the supply of fuel in the country.

“We want to assure the public that our supply is sufficient and what is really the problem is the cost of fuel,” Erguiza said.

EDV

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TAGS: Department of Energy, DOE, ERQUIZA, LPG, prices of liquified petroleum gas

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