Idemitsu Kosan Co. will raise wholesale prices on its gasoline and other petroleum products by about ¥10 per liter for shipments in the first half of June, President Akihiko Tembo said Monday.
The increase comes on the heels of a ¥5 per liter rise announced May 13, which boosted the oil firm's total markup for May shipments to ¥12.
According to the latest weekly survey released by the Oil Information Center, Japan's average retail price for regular gasoline on May 19 remained unchanged from the record high of ¥160.10 per liter posted a week earlier.
But the average retail price is expected to rise to around ¥170 per liter in June as other oil refiners are likely to substantially raise wholesale prices on gasoline and other petroleum products in view of the recent record-breaking rises in the benchmark crude oil futures contract in New York.