Japan Sept. Retail Gasoline Price Set to Reach 13-Yr High

Tokyo, Aug. 29 (Jiji Press)–Japan’s average retail gasoline price in September is seen to top 130 yen per liter for the first time in 13 years and eight months, as major oil distributors have decided on markups amid ever-rising crude oil prices.

Nippon Oil Corp. said Monday that it will boost its wholesale price of gasoline for gas stations by 2.3 yen per liter month on month in September.

Japan Energy Corp. has already announced a plan to raise its wholesale price by 2.1 yen, while Idemitsu Kosan Co., Showa Shell Sekiyu K.K. and Cosmo Oil Co. each plan a 2.0 yen hike.

The October contract on U.S. light, sweet crude oil topped 70 dollars per barrel for the first time as a benchmark futures contract in U.S. off-hours trading on Sunday.

Nippon Oil Vice President Naokazu Tsuda said that crude oil prices are unlikely to fall in the foreseeable future.

If the crude oil market remains at the current level, Nippon Oil would be forced to raise its wholesale gasoline price further by 1.8 yen per liter in October, Tsuda said. END