Japan's largest refiner ENEOS, previously known as JXTG Nippon Oil & Energy, has settled with domestic industrial customers its April-June quarter fuel oil prices around 46-48% lower than the previous quarter due mainly to lower oil prices, coupled with a stronger yen against the US dollar.

ENEOS settled the price of low sulfur fuel oil at Yen 34,120/kl ($50.37/b) for April-June, down 46.2% from the settled price of Yen 63,370/kl for the January-March quarter, documents obtained by S&P Global Platts showed.

The refiner also settled the price of higher sulfur fuel oil at Yen 24,750/kl for the quarter to June 30, down 47.8% from the previous quarter.

It has also settled on a dollar-yen exchange rate of 107.69 for April-June, compared with 109.62 for January-March.

The company typically sets final quarterly fuel oil prices on a retroactive basis after negotiations with term buyers.

HSFO sold by the refiner contains a maximum sulfur content of 3%, while its LSFO has a maximum sulfur content of 0.3%. The prices are on a delivered basis to Tokyo Bay, and payment is due 60 days after delivery.

The change of the corporate name to ENEOS was approved at the company's shareholder meeting on June 25.