Japan Average Pump Price Up for 9th Straight Week

Economy

Tokyo, Nov. 4 (Jiji Press)--The average retail price of regular gasoline in Japan has risen for the ninth straight week, reflecting sharp increases in crude oil prices, government data showed Thursday.

The nationwide average came to 168.7 yen per liter as of Monday, rising 1.4 yen from a week before to hit the highest level since August 2014, according to data from the Economy, Trade and Industry Ministry.

Crude oil futures are staying around seven-year highs, reflecting concerns about tight supply and increasing demand following the resumption of economic activities that had been restricted due to the coronavirus pandemic.

Japan and other countries have demanded an oil production hike. But oil prices are likely to remain high unless oil-producing nations meet their request.

The average gasoline price rose in 45 of Japan’s 47 prefectures, with Kagoshima marking the highest average at 176.9 yen. The average price topped 170 yen in 12 prefectures including Nagano, Kyoto, Kochi, Nagasaki and Okinawa.

[Copyright The Jiji Press, Ltd.]

Jiji Press