Fuel prices up for 4th straight week

MANILA, Philippines — Fuel prices are set to increase today for the fourth consecutive week.

Shell, Caltex and Seaoil announced price hikes of P1.60, P0.65 and P0.60 per liter for gasoline, diesel and kerosene, respectively.

Cleanfuel and Jetti will implement the same price movements except for kerosene, which they do not carry.

The latest adjustments will bring the year-to-date net increases of gasoline, diesel and kerosene to P10.85, P9.05 and P2.35 per liter, respectively.

Continued tensions in the Middle East and the unexpectedly large withdrawals in US crude inventories pushed domestic pump prices higher, according to the Department of Energy.

The positive forecast for summer fuel demand was also tagged as a contributing factor to the upward pressure on petroleum products.

Travel and tourism are expected to drive fuel consumption this year, according to the Organization of the Petroleum Exporting Countries.

The US Energy Information Administration is seeing global oil demand fall above estimates.