TOKYO - Japan's average retail price for regular gasoline has fallen to its lowest level in over 3 years, a research body said on Wednesday, as crude oil prices have fallen sharply since hitting record highs earlier this year.

The average pump price of regular gasoline in Japan was 123.3 yen per litre (S$2.02 per litre) on Monday, down for the 16th straight week and marking the lowest since 123.1 yen hit on June 27, 2005, data from the Oil Information Center showed.

Global crude oil prices have fallen as distress in the world's economy has eaten into demand for petroleum products, pushing prices down.

The latest gasoline price marks a more than 33 percent decline from the record 185.1 yen hit on Aug. 4.

Several domestic refiners this autumn have also begun revising domestic wholesale gasoline and other oil prices once a week to allow spot market prices to reflect trends earlier, rather than adjusting prices once a month based on changes in crude oil import and other costs as was done previously.

The price of high-octane gasoline fell to 134.1 yen per litre, the lowest since April 2005, while the price of diesel for trucks and buses fell to 117.0 yen per litre, the lowest since May 2007.

Read also:
» Fifth cut for M'sian pumps this year
» Shell drops pump prices