Retail gasoline prices fall further

The nationwide average of retail gasoline prices in October fell ¥11 from a month earlier to ¥163 per liter, posting a decline for the second consecutive month on a month-to-month basis, the Oil Information Center said Thursday.

The center attributes the significant price drop to the global economic slowdown, which dampened demand for crude oil and prompted Japan's major oil distributors to mark down their wholesale prices.

As of Oct. 10, the average of high-octane gas prices also fell ¥11 to ¥174, and that of diesel oil fell ¥10 to ¥149.