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Nippon Oil to Introduce New Pricing System in Oct.
 

Tokyo, Sept 26, 2008 (Jiji Press) - Nippon Oil Corp. <5001> said Friday it will start revising its wholesale prices of gasoline and oil products every week by introducing on Oct. 1 a new pricing system that bases the prices on futures and other market moves.

The company now revises wholesale prices once a month on the basis of its latest crude oil procurement cost.

Idemitsu Kosan Co. <5019> has already announced the introduction of a similar pricing system. Japan Energy Corp., a subsidiary of Nippon Mining Holdings Inc. <5016>, is also considering introducing such a system.

As wholesale gasoline prices are expected to drop under the new system at the start, reflecting sluggish domestic demand, the average regular gasoline retail price is expected to fall below 170 yen per liter, against 171.5 yen as of Monday.

By Jiji Press, (c) Jiji Press

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