According to the newspaper, “Japan Energy Corp will cut production 5% year-on-year in the April-June quarter, and Cosmo Oil Co Ltd plans to reduce output by 2% - 3% in April. Nippon Oil Corp also intends to sharply curb supply in the April-June quarter.”
“Rapid rises in crude oil prices have caused production costs to rise, but this has not been passed on to the retail market. Each of the distributors plans to substantially hike the wholesale price of gasoline sold to gas stations by 2.5 yen (US$0.02) to 2.7 yen (US$0.03) per litre,” it added.
