Nippon Mitsubishi Oil Corp., the nation’s largest oil refiner and distributor, said Wednesday it will raise wholesale prices of gasoline and other petroleum products in July by more than 1 yen per liter from the preceding month.
The move is due to a 0.5 yen rise in monthly procurement costs per liter amid increasing crude oil prices.
The company also decided that a 1 yen hike was appropriate because it felt it had lowered prices too much after March, a company spokesman said.
In a time of both misinformation and too much information, quality journalism is more crucial than ever.
By subscribing, you can help us get the story right.