Nippon Oil Corp., Japan's biggest petroleum refiner, said it will cut oil processing by 8 percent in April as warmer-than-usual weather cuts demand for fuel.
Nippon Oil plans to process 4.4 million kiloliters (about 27.7 million barrels) next month, Vice President Naokazu Tsuda told reporters in Tokyo today.
Nippon Oil will raise wholesale fuel prices by 3.4 yen a liter in April, Tsuda said. Costs have risen by 1.4 yen a liter while another 2 yen will be added to pass on previous costs that haven't yet been accepted by customers.
Nippon Oil will shut the Marifu refinery from April 14 to May 15 to conduct maintenance and will close the Osaka refinery from April 20 to May 26, Tsuda said.
source:www.bloomberg.com
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