Japan Average Pump Price Falls for 1st Time in 11 Weeks

Economy

Tokyo, March 24 (Jiji Press)--The average price of regular gasoline at service stations in Japan stood at 174.60 yen per liter as of Tuesday, down 0.60 yen from the week before, the first fall in 11 weeks, an industry ministry report showed on Thursday.

This was the first price drop since the government's subsidy program for oil wholesalers began in January. The program is designed to keep the nationwide average gasoline price as high as around 172 yen.

The price decline "reflected the effects of the government's subsidy," which was raised to the upper limit of 25 yen per liter last week, an official of the Oil Information Center said.

The ministry believes that the subsidy pushed down the average gasoline price by 22.50 yen.

By prefecture, the average price fell in 34 prefectures and rose in nine others. The prefectural average was the highest in Kagoshima, at 182.80 yen, and stayed above 180 yen also in four other prefectures.

[Copyright The Jiji Press, Ltd.]

Jiji Press