Japan Data

Gasoline Prices Hit Record High in Japan Due to Middle East Uncertainty

Economy Society

As gasoline prices soar to a record high of ¥190.80 per liter on average, Japan’s government has restarted subsidies for domestic petroleum suppliers in an effort to bring the prices down again.
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Middle East Instability

Japan’s Ministry of Economy, Trade, and Industry announced on March 18 that the national average price for a liter of regular gasoline was a record ¥190.80 as of March 16, which was a ¥29 spike compared with the previous week.

International oil prices have surged amid ongoing instability in the Middle East and Iran’s effective closure of the Strait of Hormuz. Gasoline prices have risen for five consecutive weeks in Japan. This week, prices rose in all 47 prefectures, and are at their highest in Yamagata, at ¥198.50.

Regular Gasoline Retail Prices in Japan Per Liter (National Average)

As a measure against rising prices, on March 19 the government reintroduced subsidies of ¥30.20 per liter to petroleum suppliers that had been phased out at the end of 2025. By doing so, it aims to keep the price of gasoline down at around ¥170 per liter. There is expected to be a delay of one to two weeks before subsidies are reflected in retail prices.

Data Sources

(Translated from Japanese. Banner photo © PhotoAC.)

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