Gasoline prices are falling in Japan, not only due to lower crude oil prices, “but also because the widespread popularity of fuel-efficient vehicles has lowered demand for gasoline,” The Nikkei [sub].
The Tokyo paper predicts …
“a shakeout in the gas station industry, as next-generation green cars, including electric and fuel-cell vehicles, become more popular. Next-generation cars will account for 56% of all automobiles in Japan in fiscal 2030. Gasoline consumption that year is expected to be about 60% lower than the fiscal 2010 level.”
A gallon of that ultra low-priced gasoline retails for $6.64 a gallon, due to a strong yen and high taxes.