Japan Average Pump Price Highest in 7 Years
Newsfrom JapanPolitics Economy
Tokyo, Oct. 13 (Jiji Press)--The average retail price of regular gasoline in Japan as of Monday came to 162.1 yen per liter, the highest level since October 2014, the industry ministry said Wednesday.
The average pump price rose 2.1 yen from a week before to mark the sixth straight week of increase, reflecting soaring crude oil prices traced to oil-producing countries' decision last week not to raise output sharply.
Pump prices are likely to rise further next week as domestic oil distributors this week raised their wholesale prices for gas stations by around 2.5-3 yen, industry sources said.
The average pump price went up in all 47 prefectures of the country. Okayama in western Japan logged the biggest growth, at 3.7 yen, followed by Aichi in central Japan, at 3.4 yen, and Miyagi in northeastern Japan, at 3.2 yen. The highest average price by prefecture was 170.4 yen, marked in Nagasaki, southwestern Japan, which has many islands.
"Gasoline prices have been on an uptrend due to rising demand backed by a recovery of the global economy and production restraint by oil-producing nations," said an official of the Oil Information Center, which conducts the oil price survey.
[Copyright The Jiji Press, Ltd.]