Nippon Oil gasoline price to see largest monthly hike in 14 years

Japan Today
(Kyodo) Nippon Oil Corp. announced Tuesday its largest wholesale price hike in 14 years for gasoline and other petroleum products for April due to sharp crude oil price increases.

Japan’s biggest oil refiner-wholesaler said it will raise the wholesale price for April by 5.1 yen per liter from March, the largest hike since an 8 yen increase in October 1990 amid the Persian Gulf crisis. The latest hike follows a 3.3 yen increase for March.
Nippon Oil gasoline price to see largest monthly hike in 14 years
(Kyodo) Nippon Oil Corp. announced Tuesday its largest wholesale price hike in 14 years for gasoline and other petroleum products for April due to sharp crude oil price increases.

Japan’s biggest oil refiner-wholesaler said it will raise the wholesale price for April by 5.1 yen per liter from March, the largest hike since an 8 yen increase in October 1990 amid the Persian Gulf crisis. The latest hike follows a 3.3 yen increase for March.

Cosmo Oil Co., Japan Energy Corp. and Idemitsu Kosan Co. followed suit, with Cosmo deciding to raise its wholesale price by 4.9 yen per liter and the remaining two by 4.8 yen.

The wholesale price hike for April could result in greater burdens on households, though it is uncertain how much of the hike will be passed on to retail prices.

The Oil Information Center said Japan’s average retail price for regular gasoline in March rose 1 yen per liter from the previous month to 117 yen, the first rise in four months.

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