Business Services Industry
Nippon Oil Corp. to cut wholesale gasoline price by 3.4 yen in December.
Knight Ridder/Tribune Business News, November, 2004
Kyodo News International, Tokyo Knight Ridder/Tribune Business News
Nov. 29--TOKYO -- Nippon Oil Corp. said Monday it will reduce its wholesale price of gasoline and other petroleum products by 3.4 yen per liter, effective Wednesday, due mainly to a drop in crude oil prices and a firmer yen.
It will be the first time in two months that the company has cut the wholesale price. The reduction will be the largest since April 1991, when it pared the price by 3.7 yen after crude oil prices surged due to the Persian Gulf War.
The company said the price of imported crude oil fell about 2.3 yen per liter from October, while a stronger yen against the dollar helped the company pull down the wholesale price by about 1.1 yen.
Despite the...
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