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Idemitsu to Raise Wholesale Gas Prices by 4.4 Yen Next Week
 

Tokyo, July 11, 2008 (Jiji Press) - Major Japanese oil distributor Idemitsu Kosan Co. <5019> said Friday that it will raise wholesale prices of gasoline and other petroleum products by 4.4 yen per liter on Wednesday.

The hike appears to further push up pump prices, which currently average 181.5 yen per litter for regular gasoline in the country.

Idemitsu set the hike margin by taking into account a 5.2 yen rise in the wholesale prices on higher crude oil prices and a 0.8 yen drop caused by a higher yen, company officials said.

If crude oil prices and the exchange rates stay at around the current levels, the company, which reviews its wholesale prices twice a month, is expected to leave the prices in the next review on Aug. 1.

But regular gas pump prices are highly likely to approach 190 yen in early August even if Idemitsu refrains from a price hike, because other major distributors reviewing wholesale prices monthly are expected to raise the prices by some 8 yen on that day, analysts said.

By Jiji Press, (c) Jiji Press

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