Eastern Petroleum to raise pump prices
abs-cbnNEWS.com
Posted at 01/10/2012 11:43 AM | Updated as of 01/10/2012 11:43 AM
MANILA, Philippines - Eastern Petroleum Corp. announced it will increase pump prices at 12:01 a.m. January 11.
Diesel prices will go up by P1.50 per liter, while all other gasoline prices will go up by P1.75 per liter.
This comes as oil prices rose higher in the international market, due to increased tension over Iran's threat to close the Strait of Hormuz, where one-sixth of the world's oil exports pass.
Average prices for last week remained higher than the previous week by about $3 for Dubai crude, more than $6 for gasoline and nearly $5 for diesel.
This week, there are worries about the impact of the European Union's impending move to impose an oil embargo on Iran, in an attempt to pressure the country to stop its alleged nuclear weapons program.
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