Japan Average Pump Price Rises to 1-Year High

Economy

Tokyo, March 10 (Jiji Press)--The average price of regular gasoline in Japan as of Monday rose 1.50 yen from a week earlier to a one-year high of 146.10 yen per liter, up for the 15th straight week, according to data released by the Agency for Natural Resources and Energy on Wednesday.

While domestic gasoline demand remains subdued amid the COVID-19 crisis, crude oil prices are climbing on hopes for global rollouts of novel coronavirus vaccines.

Pump prices are likely to continue rising amid increasing investment in the crude oil market also on the back of expectations for a massive additional U.S. stimulus package, according to the Oil Information Center, which conducts the pump price survey for the Japanese government agency.

In the week through Monday, pump prices went up in 45 of the country’s 47 prefectures, with Toyama and Tokushima recording the sharpest rise of 2.60 yen. Prices were slightly down in Aichi and Shiga.

The nationwide average price topped 150 yen in January last year, when the country’s first novel coronavirus case was confirmed.

[Copyright The Jiji Press, Ltd.]

Jiji Press