Two of Japan’s largest downstream oil companies, Nippon Oil Corp. and Idemitsu Kosan Co. said they will raise gasoline wholesale prices by 4 yen per liter on June 1, reflecting the recent rise in oil prices on the world markets. (US$1=110 yen).
As a result of the move, motorists will have to pay more at the pumps, with regular gasoline expected to exceed 110 yen per liter, its highest level since February 2001. Regular gasoline now sells for about 108 yen per liter at the pump.
Earlier, Cosmo Oil Co. and Japan Energy Co said they would be raising wholesale gasoline prices by 3.7 yen from June 1.