Japan Average Pump Price Rises above 170 Yen Again

Economy

Tokyo, Sept. 14 (Jiji Press)--The average retail price of regular gasoline in Japan as of Monday rose 0.5 yen from a week before to 170.1 yen per liter, increasing for the second straight week and topping 170 yen for the first time in five weeks, the industry ministry said Wednesday.

By prefecture, the average pump price moved up in 38 prefectures, fell in seven and stayed flat in the other two. The average was highest in Nagasaki, southwestern Japan, at 182.5 yen.

In the week through Wednesday, the government provided a subsidy of 36.5 yen per liter to oil distributors, pushing down the nationwide average pump price by 35.9 yen. The subsidy will be reduced to 35.6 yen per liter from Thursday.

The Oil Information Center of the Institute of Energy Economics predicts that the average price will fall next week.

Amid growing concerns about a global economic slowdown, the crude oil market is on an "oversupply trend," an official of the center said.

[Copyright The Jiji Press, Ltd.]

Jiji Press