THE CHAIRMAN of Eastern Petroleum Corp. has warned that prices of petroleum products are set to rise this week after several weeks of reductions.

In a statement on Sunday, Fernando L. Martinez, chairman and chief executive officer of Eastern Petroleum, said recent developments could have “positive” and “calming” effects in the world oil market.

In the near term, however, the company said oil prices “are poised to make moderate increase this Tuesday to reflect the slight reversal in international price.” This is after several weeks of price cuts totaling P2.40 per liter for diesel and P2.90 per liter for gasoline.

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