Nippon Oil Corp. and Idemitsu Kosan Co. said Thursday they will raise gasoline wholesale prices by 4 yen per liter on June 1, following a recent surge in crude oil prices.
Although it remains uncertain whether the rise in wholesale prices will be directly passed on to consumers, the average price of regular gasoline per liter is likely to exceed 110 yen for the first time since February 2001.
Gasoline prices currently stand at about 108 yen per liter at the pump.
For Nippon Oil, the 4 yen increase is the highest since the 4.1 yen hike in November 1990, before the Persian Gulf War.
Cosmo Oil Co. and Japan Energy Co. have already said they plan to raise wholesale gasoline prices by 3.7 yen in June.