The retail price of regular gasoline averaged ¥106.80 per liter as of Monday, down ¥3.80 from Dec. 22 and falling below the ¥110.00 line for the first time in four years and seven months, the Oil Information Center said Wednesday.
The average price of regular gasoline was last seen below ¥110.00 in late May 2004. A comparison with the previous week is not available due to the yearend and New Year holidays.
The current economic downturn has continued to force gas stations to cut prices, fueling price-cutting competition to lure customers who are reluctant to buy gasoline, an industry analyst said.
An increasing number of gas stations have already begun to sell gasoline at the ¥90.00 level.
The price of high-octane gasoline fell to ¥117.70, down ¥3.90 from the previous survey, while that of diesel was off ¥3.30 to ¥102.70, the center said.