Nippon Oil Corp expects to see its crude oil procurement costs decline in March due to the appreciation of the yen, company Chairman Fumiaki Watari said Monday.

Crude oil purchase costs are estimated to fall by up to 0.60 yen per liter, even though oil prices are expected to rise about 0.50 yen, as the yen’s relatively stronger value than before helps reduce import costs, Watari said at a press conference.