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Marine fuel additives supplier Lubrizol Corporation has announced a global price increase for all product lines effective June 16th.

The Ohio-based firm says the majority of the increases will be in the range of 12 to 20 percent. The actual price increases will be dependent upon the specific product's exposure to increasing raw materials costs and energy-related production costs. Lubrizol has said that it will review all terms with its customers.

This action includes previously announced price increases currently being implemented in the Lubrizol Additives segment and in certain Lubrizol Advanced Materials products lines.

Over the past several years, each Lubrizol business segment has implemented numerous price increases to address rising raw material and energy costs. However, in a company statement Lubrizol says substantial escalations in the cost of key raw materials, production-related utilities and freight have lead to the need for this enterprise-wide and global price action.

Speaking about the recent rise in energy costs, James L. Hambrick, Lubrizol's Chairman, President and Chief Executive Officer said, "Our raw material and energy costs have been impacted significantly by the unprecedented surge in crude oil and natural gas costs, both of which have increased over 40 percent since early 2008. We continue to execute strategies designed to improve efficiencies and reduce operating costs, but it is essential that we implement price increases to recover these cost increases and sustain our viability as a valued supplier to our customers and their industries."

Lubrizol markets marine fuel additives for both marine distillate and residual fuel oils. The company claims its unique proprietary fuel additive technology provides a number of benefits for marine fuels of all types, including a reduction in smoke emissions; stable oil consumption in four stroke engines; reduced lube oil fouling and a reduction of soot in the receiver box of two stroke engines.

The company also offers a full range of gasoline, diesel and biodiesel fuel additives for the bulk market as well as additives for the industrial fuels and home heating oil markets.