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Nippon Mitsubishi Oil Corp., the nation’s largest oil refiner and distributor, said Wednesday it will raise wholesale prices of gasoline and other petroleum products in July by more than 1 yen per liter from the preceding month.

The move is due to a 0.5 yen rise in monthly procurement costs per liter amid increasing crude oil prices.

The company also decided that a 1 yen hike was appropriate because it felt it had lowered prices too much after March, a company spokesman said.

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