Wholesale Gasoline Prices to Rise 2 Yen Per Liter in Sept.
Posted on: Monday, 29 August 2005, 15:00 CDT
Aug. 26--TOKYO -- Three major Japanese oil distributors said Friday they will raise wholesale gasoline and diesel oil prices about 2 yen per liter next Thursday to pass on increases in crude prices.
The decisions by Idemitsu Kosan Co., Cosmo Oil Co. and Japan Energy Corp. to hike wholesale prices for the third straight month is likely to send retail gas prices above 130 yen per liter in September for the first time in more than a decade.
Idemitsu and Cosmo will raise wholesale prices 2.0 yen and Japan Energy will increase them 2.1 yen. Nippon Oil Corp. said it is inclined to join them.
The decisions were largely affected by a $2.50 per barrel rise in the average Dubai spot price in August from the previous month.
Japan refers to the index when purchasing crude oil.
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Source: Kyodo News International, Tokyo
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