Japan Pump Price Hits 13-Year High

Economy

Tokyo, Feb. 25 (Jiji Press)--The average retail price of regular gasoline in Japan as of Monday rose 0.6 yen from a week before to 172.0 yen per liter, the highest level since Sept. 16, 2008, the industry ministry has said.

The average pump price was up for the seventh straight week, according to the data released Thursday.

Japan, the United States and European countries have announced economic sanctions against Russia over the Ukraine crisis, possibly leading Moscow to retaliate by halting supplies of natural gas and other energy sources.

Such a development could cause spikes in prices of gasoline and other fuels, as well as crude oil, dealing a further blow to the Japanese economy, which has already been hit hard by the fallout of the COVID-19 pandemic, analysts said.

Russia is the world's biggest exporter of natural gas and ranks second in crude oil exports. Japan depends on Russia for 8 pct of its liquefied natural gas imports and 4 pct of its crude oil imports.

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Jiji Press