Gasoline sales to drop

The volume of gasoline sold in Japan is expected to drop for the first time in 32 years in 2006, as drivers increasingly turn to fuel-efficient vehicles in the face of higher crude oil prices. From January to October 2006, the volume of gasoline sold totaled 50.48 million kiloliters, down 1% from the same period in 2005, according to preliminary reports from the Ministry of Economy, Trade and Industry. “Demand for gasoline will continue to weaken if gas-electric hybrid and diesel cars become more popular and fuel-cell powered vehicles are developed,” said Fumiaki Watari, president of the Petroleum Association of Japan, who also serves as chairman of Nippon Oil. (December 5, 2006)