I am Tanaka of ENEOS Holdings. I'd like to express my gratitude to our shareholders and investors for their continued support and advice for the business activities of the ENEOS Group. Today, I will explain about the revisions to the forecast of consolidated results for the fiscal year ending March 31st, 2022, which was announced on March 25th. Now, please refer to page one of the supplementary material. We have made an upward revision of the full year forecast, mainly due to a significant increase of inventory valuation gain as a result of crude oil price increase. As shown in the graph at the bottom right, as of the November announcement, our forecast was based on the price assumption for Dubai crude oil of $70 per barrel for the second half.
However, the crude oil price rose to a little less than $80 as an average for Q3, and it has further increased in Q4 to be over $100 in March. The assumption used for the calculation of this revised forecast is described in the lower line of the revised forecast row of the table above the graph. That is $100 for the average Dubai crude oil price in March, $4.40 for the copper price in March, and JPY 115 to the dollar for the exchange rate. Considering the current actual crude oil and copper prices are even higher than these numbers, and the yen has weakened by about JPY 5 against the dollar, please be aware that the final results may differ from this revised forecast because of the difference between this assumption and actual results in March.
Now, let me explain about the revised forecast. Full-year operating income is now expected to be JPY 740 billion, an increase of JPY 270 billion from the previous forecast. This JPY 270 billion increase includes an improvement of JPY 170 billion in inventory valuation gain due to the higher oil price. Operating income excluding the inventory valuation gain is forecasted to be JPY 410 billion, a JPY 100 billion increase from the previous forecast. Net income attributable to owners of the parent is projected to be JPY 490 billion, an increase of JPY 210 billion. I will explain later the factors that have changed operating income excluding inventory valuation effects described in the lower left of the slide. Please turn to page two.
This slide shows the overview of index and a profit and loss statement. Let me skip the explanation on this page as I have already covered them at the beginning of the presentation. Please turn to page three for operating income by segment. As I said at the beginning, operating income for the entire group, excluding inventory effects, is expected to increase by JPY 100 billion, which is broken down for each segment as JPY 45 billion for Energy segment, JPY 15 billion for Oil and Natural Gas E&P segment, and JPY 40 billion for Metals segment. First, I will explain the major factors for increase and decrease of profit in Energy segment. We have reflected almost JPY 30 billion of one-time cost associated with the closure of Wakayama Refinery decided in January of this year.
Although they are not shown on the slide, there were other factors to decrease profits, such as declined sales of clean fuel due to the spread of Omicron variant, increased procurement costs for crude oil, such as E&P, time lag for lubricating oil margins, and increased fuel costs due to equipment failure at refineries. These negative factors decreased profit forecast by about JPY 70 billion in total. On the other hand, there were positive factors, such as estimated profit increase of nearly JPY 80 billion for margins of clean fuel and exports, mainly due to the positive time lag with the sharp rise in crude oil prices in the second half and recognition of gain on sale of a little less than JPY 40 billion from the sale of idle land and inefficient non-business assets executed in the fourth quarter.
With these factors, Energy Segment is now expected to post JPY 120 billion for operating income, excluding inventory effects, increased by JPY 45 billion from the previous forecast. Next is Oil and Natural Gas E&P Segment. This segment is estimated to increase profit due to higher resource prices, such as crude oil and natural gas, and profit related to the sale of the U.K. business following the decision made in last November is expected to exceed the operating income that had been forecasted with the assumption that we would continue its business for the previous forecast. As a result, for the fiscal year ending March 31st, 2022, its operating income is estimated as JPY 90 billion, an increase of JPY 15 billion from the previous forecast.
In Metals segment, about JPY 15 billion increase is expected due to higher market prices for copper and sulfuric acid and about JPY 20 billion improvement in common expenses as one-time expenses that had been factored in at the beginning of the fiscal year are not expected to be recognized for this fiscal year. As a result, its operating income is now forecasted as JPY 150 billion, an increase of JPY 40 billion from the November forecast. The forecast for Other Business segment is JPY 50 billion, unchanged from the previous announcement. This concludes my brief explanation. Thank you.