Idemitsu to Cut Japanese Fuel Prices for Fourth Week

By Megumi Yamanaka

Oct. 24 (Bloomberg) -- Idemitsu Kosan Co., Japan's second- biggest refiner, will cut wholesale gasoline prices for a fourth consecutive week because of reduced oil prices, pushing down the country's fuel prices, already at a six-month low.

Idemitsu plans to reduce gasoline prices by 7.4 yen (8 cents) a liter starting Oct. 27, the Tokyo-based company said in a statement today. The refiner will cut prices of diesel by 3.7 yen a liter and kerosene by 6.4 yen.

The lower offers will prompt further declines in Japan's 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 that have lost about 53 percent since touching a record of $147.27 a barrel on July 11.

Crude oil traded at $68.62 a barrel at 11:06 a.m. Tokyo time. Gasoline cost an average 157.4 yen a liter as of Oct. 20, the center said.

To contact the reporters on this story: Megumi Yamanaka in Tokyo at myamanaka@bloomberg.net.