The Department of Energy (DOE) said diesel prices could reach as high as ₱200 per liter as global oil costs continue to rise due to ongoing tensions in the Middle East.
Energy Secretary Sharon Garin said the possibility remains under consideration as petroleum prices continue to increase in response to developments linked to the conflict.
Despite the warning on potential price spikes, the DOE assured the public that the country still has enough fuel supply to meet current demand.
According to the agency, the Philippines currently maintains a fuel inventory equivalent to 50.42 days, which is expected to last until the latter part of May.
DOE data showed that the country’s total oil supply stood at 75.052 million liters as of April 3.
Garin clarified that the 50-day inventory does not mean the country will run out of fuel after May.
She explained that oil procurement typically takes seven to 10 days to complete, while delivery from supplier countries in Asia usually requires about one week before shipments reach the Philippines.
The DOE also reported that oil companies have implemented price increases for the fifth consecutive week, citing continued instability in the global market caused by tensions in the Middle East.
According to the agency, petroleum product prices have already doubled since the conflict began.
Officials said the government continues to monitor developments in the international oil market, noting that future price movements will depend largely on how the situation in the Middle East evolves.
