More fuel-efficient vehicles in Japan causing a decline in gasoline demand
News On Japan via hybridcars.com -- Jul 08
In Japan, the Nikkei daily business daily newspaper has reported demand for gasoline has been dropping. Last Monday, according to the Agency for Natural Resources, the average price was 139.8 yen per liter ($6.65 per gallon).
This represents a 16 month low and the 13th straight week in which prices have been falling. According to the agency, reasons cited for the decline in pump prices are not only a drop in global demand for crude, but also because of the burgeoning popularity of fuel-efficient vehicles in the home Islands.
Additionally, the agency said that a "shakeout" in the oil industry is likely, especially as next -generation "green" vehicles such as plug-in hybrids and pure EVs and possibly fuel cell vehicles enter the market. By 2030, the agency is predicting that such vehicles will account for 56 percent of all car sales in Japan.
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