Japan Average Pump Price Up for 10th Straight Week

Politics Economy

Tokyo, March 16 (Jiji Press)--The average retail price of regular gasoline in Japan as of Monday grew 0.60 yen from a week before to 175.20 yen per liter, up for the 10th consecutive week, the industry ministry said Wednesday.

The average pump price hit the highest level since Sept. 1, 2008, due to rising crude oil prices amid the Russian war in Ukraine.

In a bid to curb the average gasoline price to around 172 yen, the government is expected to increase its subsidies for oil wholesalers to the ceiling of 25 yen per liter on Thursday, only a week after the subsidy ceiling was raised.

The subsidy level was initially expected to reach as high as about 24 yen after wholesalers lowered their prices to gas stations last week. However, it will hit the ceiling as pump prices rose higher than predicted, due to delays in retailers reflecting lower wholesale prices.

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