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Eastern Petroleum to raise prices Nov. 16


Independent oil player Eastern Petroleum Corp. Monday said it will increase the price of its diesel and kerosene products by P2 per liter starting 6 a.m. Tuesday. The oil firm also said it will raise prices of its unleaded gasoline by P1.50 per liter and regular gasoline by P0.75 per liter. Other oil firms have not followed suit as of this posting. The more than P1 per liter increase this week is inevitable, Eastern Petroleum president Fer Martinez said. An Energy Department official said that based on computations, oil prices would increase by more than P1 per liter this week. According to the Organization of the Petroleum Exporting Countries’ basket price, oil rose to $83.67 per barrel as of Nov. 15, 2010 from $76.48 a barrel as of Nov. 16, 2009. Philippine oil firms also raised prices by P0.25 per liter for premium gasoline, diesel, and kerosene on Nov. 8 to reflect higher world crude prices. — JE/VS, GMANews.TV

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