Japan Pump Prices Hit Highest Level since Nov. 2018

Economy

Tokyo, July 7 (Jiji Press)--The average pump price of regular gasoline in Japan this week hit the highest level since November 2018, against a backdrop of rising crude oil prices, government data showed Wednesday.

The nationwide average price as of Monday rose 1.2 yen from a week earlier to 157.5 yen, up for the fifth consecutive week, according to the data released by the Agency for Natural Resources and Energy.

With pump prices already above 160 yen in 10 of Japan’s 47 prefectures, the nationwide average appears increasingly likely to top the 160-yen mark. The average last stood above the threshold in October 2018.

Tight oil supplies are unlikely to be resolved for the time being, as talks among oil-producing countries to increase production have stalled.

At a time when the momentum of economic recovery is patchy among regions in the country, higher gasoline prices are weighing on Japanese households, which are also facing hikes in flour and edible oil prices this month or later.

[Copyright The Jiji Press, Ltd.]

Jiji Press