OIL prices climbed for the fourth straight week.
On Tuesday, Chevron Philippines Inc. (Caltex), Petron Corp., Pilipinas Shell Petroleum Corp., and Seaoil Philippines Corp. raised prices per liter of gasoline by P2.80, diesel by P1.30, and kerosene by P0.45.
Cleanfuel, Petro Gazz, and Unioil Petroleum Philippines Inc. issued the same prices, excluding kerosene, which they do not carry.
The Department of Energy earlier anticipated the price increases, citing the falling US crude stockpile, the stimulus package issued by the central bank of China to inject and reinforce its economic recovery, and India becoming the single most important driver of oil demand growth.
