Japan Average Pump Price Hits 14-Month High

Economy

Tokyo, Jan. 22 (Jiji Press)--The average retail price of regular gasoline in Japan as of Monday rose 0.5 yen from a week before to 151.6 yen per liter, the highest level in about 14 months, the Agency for Natural Resources and Energy said Wednesday.

The average pump price increased for the 11th consecutive week. The latest rise came after crude oil prices went up early this month reflecting heightened tensions between the United States and Iran.

But crude oil prices have started declining, due to hopes that the two countries will be able to avoid war, prompting an official of the Oil Information Center, which conducts the price survey for the government agency, to say that gasoline prices "are expected to drop next week."

The average gasoline price rose in 39 of Japan's 47 prefectures this week. Saga logged the biggest rise, of 2.5 yen, followed by Osaka and Shiga, each with a 2.4-yen increase.

Prices went down in five prefectures, including Tokyo, which saw a 0.2-yen drop, while staying flat in Hokkaido, Ishikawa and Kochi.

[Copyright The Jiji Press, Ltd.]

Jiji Press