Japan Average Pump Price Up for 1st Time in 8 Weeks

Economy

Tokyo, Jan. 13 (Jiji Press)--The average retail price of regular gasoline in Japan has risen for the first time in eight weeks in line with higher crude oil prices, industry ministry data showed Thursday.

The average as of Tuesday stood at 166.5 yen per liter, up 1.8 yen from a week before. The average retail price of kerosene rose 23 yen to 1,934 yen per 18 liters, the first rise in five weeks.

Crude oil prices have risen to two-month highs on a spreading view that spikes in new cases of the omicron coronavirus variant in many parts of the world are likely to cause only a limited impact on the global economy.

Also behind the crude oil price rises is political unrest in Kazakhstan, a major oil producer.

Given the oil market development, Japanese gasoline prices are expected to increase further.

[Copyright The Jiji Press, Ltd.]

Jiji Press