Japan Average Pump Price Falls to 168.2 yen

Economy

Tokyo, June 1 (Jiji Press)--The average retail price of regular gasoline in Japan as of Monday fell 0.6 yen from a week before to 168.2 yen per liter, down for the seventh consecutive week, the industry ministry said Wednesday.

The pump price fell to its lowest level since January 17, nearing the 168-yen mark targeted as an upper limit by the government.

On Thursday, the ministry will reduce the amount of subsidies it pays to oil wholesalers to curb fuel prices to 36.7 yen per liter from 37.3 yen.

In the previous week, the average pump price fell in 40 prefectures, rose in five prefectures and was unchanged in the remaining two prefectures. The highest price was logged in Nagasaki, at 181.5 yen.

An official of the Oil Information Center said the nationwide average retail price is likely to climb next week, as wholesale prices are expected to rise on a recent European Union agreement to ban imports of Russian crude oil and the easing of COVID-19 lockdown restrictions in Shanghai.

[Copyright The Jiji Press, Ltd.]

Jiji Press