Chop off the stems of the mild pepperoncinis and finely chop them in a food processor for about 1–2 minutes.

In a medium saucepan over low-medium heat, combine the cream cheese, sour cream, and about 1/8 cup of reserved liquid. Stir continuously for 3–5 minutes until creamy.

Fold in the finely chopped pepperoncinis into the creamy mixture and stir gently for 2 minutes.

Cook the dip on low-medium heat for about 10 minutes, stirring occasionally, adding more reserved liquid if it thickens too much.

Remove from the stove and transfer to a serving bowl. Let it cool slightly before serving.