Idemitsu Kosan Co., the nation's second-biggest refiner, will cut wholesale gasoline prices for a fourth consecutive week because of reduced oil prices, pushing down fuel prices that have already touched a six-month low.
Idemitsu plans to cut gas prices by ¥7.4 a liter starting Monday, the Tokyo-based company said in a statement Friday. The refiner will cut prices of diesel by ¥3.7 a liter and kerosene by ¥6.4.
The lower offers will prompt further declines in auto-fuel prices, which have fallen for an 11th consecutive week, according to data compiled by the Oil Information Center. The drops in refined product values tracked the downtrend in crude oil prices, which have lost about 53 percent since touching a record of $147.27 a barrel on July 11.