Japan Average Pump Price Falls to 169.9 Yen

Economy

Tokyo, Aug. 3 (Jiji Press)--The average retail price of regular gasoline in Japan as of Monday went down 0.5 yen from a week before to 169.9 yen per liter, the industry ministry said Wednesday.

The pump price fell for the fifth straight week, below 170 yen for the first time in eight weeks.

The latest average price fell in 37 of Japan's 47 prefectures, rose in six and stayed flat in four. The highest price was logged in Nagasaki Prefecture, at 182.6 yen per liter.

The ministry said its subsidies to oil distributors pushed down the average price by 41.1 yen per liter. The government will reduce the amount of subsidies by 1.3 yen to 37.7 yen per liter on Thursday.

The Oil Information Center of the Institute of Energy Economics, Japan, predicts that the average pump price will increase next week, reflecting rising crude oil prices.

[Copyright The Jiji Press, Ltd.]

Jiji Press