MANILA - Despite weeks of major price increases, the Department of Energy said it is still unlikely for fuel prices to reach P100 per liter.

“Yung biglaan ho na pag-aangkat naman at pagtaas ng P100, iyon ho eh hindi naman ho mangyayari most likely,” Energy Undersecretary Gerardo Erguiza said Monday.

Some oil companies on Monday announced another round of price hikes, with prices of gasoline increasing P.80 per liter, and gasoline at P3.10 per liter starting Tuesday.

The Energy Department attributes this to the rise in world demand, particularly for diesel, as well as the weakening of the peso.

“Nakikita na nga natin na umeepekto hindi lang iyong variable lang ng demand and production, umeepekto na rin iyong variable ng dollar kahit sinasabi mo na bumaba iyong per barrel pero mas mahal iyong dolyar kaya iyong multiplier mo ay lumalaki rin,” Erguiza said.

The Energy official meanwhile said that while they welcome the commitment of Russia to incoming President Ferdinand Marcos Jr. to help the Philippines find new fuel sources. But he said this also raises several concerns.

“Una, kapag papasok ang government, kailangan ang procurement mo diyan ay government-to-government. Pero dapat may available budget and alam ninyo naman ang budget natin, one to two years bago ho iyan ma-approve at kung walang pera ay hindi ka naman puwedeng bumili,” Erguiza said.

"At iyong government natin, hindi naman puwedeng utusan basta-basta ang private sector. Alam ho natin na nasa private sector ho, under the Oil Deregulation Law, pribado na ho ang may hawak ng ating industry at siyempre ng mga kontrata na iyan [ay] long term. Hindi puwedeng sabihin ng government, “O, dito kayo kumuha.” Mayroon silang mga commitment na rin na baka biglang mabitin sila at sila naman ang bibitinin in the future," he added.

“Kung assuming government din ang kukuha, wala siyang mechanism to distribute. Iyong dating oil company na pag-aari ng government na Petron nasa private sector na rin. So, kung bibili ka man, hindi mo rin madi-distribute iyan sa mga nangangailangan lalo na sa retail,” Erguiza continued.

Erguiza also noted there are also diplomatic concerns on the planned cooperation as the Philippines earlier condemned Russia’s invasion of Ukraine.

“Alam ho natin sa community of nations, ang Philippines is aligned with countries like the US, sa Europe, na talagang very critical doon sa pag-e-exert at pagbibigay ng sanction sa Russia because of the, sabi nga, invasion ‘no. So, kapag ginawa ng Philippines iyan, of course, they will call the attention of the Philippines. So, mayroon talaga tayong diplomatic concerns ho dito,” he said.

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