Japan Average Pump Price Up for 10th Straight Week

Economy

Tokyo, Nov. 10 (Jiji Press)--The average retail price of regular gasoline in Japan rose for 10 weeks in a row to hit the highest level in seven years and three months, reflecting high crude oil prices, the industry ministry said Wednesday.

As of Monday, the price stood at 169.0 yen per liter, up 0.3 yen from a week earlier, the ministry said.

The average price for kerosene, chiefly used for heaters, as well extended its uptrend to 10 weeks by rising 10 yen to 1,949 yen per 18 liters.

An official at the Oil Information Center, which conducts the price survey, said gasoline pump prices continued to go up despite cuts in wholesale prices last week because "service stations have yet to fully pass the past increases in purchase costs on to customers."

But the retail price spike is expected to come to a halt next week following wholesale price cuts by around 0.5 yen this week, the official added.

[Copyright The Jiji Press, Ltd.]

Jiji Press