Japan's pump prices set to rise as oil picks up

Thu. January 08, 2009; Posted: 05:05 AM

TOKYO, Jan 08, 2009 (Reuters via COMTEX) -- IDKOY | Quote | Chart | News | PowerRating -- Japanese gasoline prices may rise for the first time in five months this week, reflecting a pickup in crude oil prices since mid-December.

The country's third-biggest refiner, Idemitsu Kosan Co , said on Thursday it planned to hike its average wholesale gasoline price by 2 yen per litre (about 8 cents a U.S. gallon) from Saturday, the first rise since it began setting prices on a weekly basis this autumn.

The average pump price of regular gasoline in Japan fell to 106.8 yen per litre ($4.35 a U.S. gallon) on Monday, the lowest price in more than 4-= years and down more than 42 percent from the record 185.1 yen hit last August, a research body said on Wednesday.

Idemitsu's move, which is likely to be followed by other refiners, reflects a 25 percent rise in crude oil prices over the last month from a more than 4-= year low.

U.S. oil prices are still down more than $100 from a record peak of more than $147 a barrel hit last July, as the global economic downturn hits demand for fuel.

Several Japanese refiners abandoned the decades-old practice of setting domestic wholesale prices on the basis of monthly negotiations with retailers this autumn and have been revising prices weekly since then to reflect spot market trends earlier.

Note: Price per gallon calculated using U.S. gallons (1 U.S. gallon=3.785 litres).

($1=92.74 Yen)

(Reporting by James Topham) Keywords: JAPAN GASOLINE PRICE

(james.topham@thomsonreuters.com; +813 6441 1858; Reuters Messaging: james.topham.reuters.com@reuters.net)

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