Japan Average Pump Price Falls for 2nd Straight Week
Tokyo, April 20 (Jiji Press)--The average retail price of regular gasoline in Japan as of Monday fell 0.5 yen from a week before to 173.5 yen per liter, down for the second straight week, the industry ministry said Wednesday.
The decline reflected falling crude oil prices amid concerns over a resurgence of COVID-19 in China and the Japanese government's subsidies to oil wholesalers to reduce pump prices.
While gasoline prices are expected to continue to decline moderately next week, they will remain elevated due to concerns over stricter economic sanctions against Russia over its invasion of Ukraine.
The Japanese government will raise the subsidies to oil wholesalers to the upper limit of 25 yen per liter on Thursday.
Pump prices may turn upward again if crude oil import costs rise due to the yen's weakness against other major currencies.
[Copyright The Jiji Press, Ltd.]