House Fuel Crisis Ad Hoc Committee co-chairperson Joey Salceda said that the "worst is yet to come" in terms of to the fuel situation even as he projected double-digit or near double-digit increases on pump prices next week.

"Current crude prices is at USD 127 . At the pump, this may translate to an increase of around P11.1 on gasoline, P9.25 on diesel, and P8.88 on kerosene next week," Salceda said in a Viber message to reporters Wednesday, March 9.

"While we are certain that the situation will eventually abate given long-term trends in population patterns, the rise in renewable energy, and energy and fuel-efficient technologies, we are also certain that in the short run, the worst is yet to come," noted the Albay 2nd district congressman.

According to him, Russian oil supply will continue to be suppressed even if the Ukraine crisis sees resolution, as sanctions will likely continue to be imposed on Russia, which accounts for around 10 percent of global oil supply. Russia invaded neighboring Ukraine two weeks ago.

"Oil-producing will continue to maximize the opportunity to claw back losses from when oil futures sank to record lows during the pandemic (around $60 per barrel). I expect no significant reductions in oil prices until June at the earliest. By then, crude oil spot prices will likely have approached USD 180 190 per barrel," he said.

"If these highs are reached, total price increases since 2021 will have been: P58 for gasoline, P53.75 for diesel, and P47 for kerosene," added the economist-solon.

To say that Filipino consumers have been absolutely battered by successive fuel price hikes this year is an understatement.

Salceda said that since 2021 pump prices have increased by P30.9 for gasoline, P31.75 on diesel, and P25.94 on kerosene per liter. January 2021 prevailing prices were P38 per liter on gasoline, P27 on diesel, and P36 on kerosene.

"If projected increases for next week are realized, we may see total price increases to jump to P42 on gasoline, P41 on diesel, and P34.82 on kerosene," he said.

All these factored in, Salceda sees overall inflation to hit as high as 5.2 to 5.4 percent by June, "considering added pressures on bread (Russia and Ukraine are among the world’s largest producers of wheat), typical power demand surges during the summer months, and second-round effects of oil prices on transport costs, electricity, food (especially fish), and other basic commodities".

The Bicol solon on Monday suggested that Malacañang declare a "State of Economic Emergency" in connection with the fuel crisis.