Japan Pump Prices Fall for 1st Time in 18 Weeks

Tokyo, Sept. 13 (Jiji Press)--The average retail price of regular gasoline in Japan as of Monday fell 1.7 yen from a week before to 184.8 yen per liter, down for the first time in 18 weeks, thanks to the government's expanded subsidy program, the industry ministry said Wednesday.

The decline came after the national average rewrote a record high for the second consecutive week.

The program to expand subsidies to curb soaring retail prices in stages took effect Thursday. Aiming to push down pump prices to around 175 yen by the end of October, the government will enhance the aid for oil wholesalers again on Oct. 5.

In the reporting week, the average price fell in 41 of the country's 47 prefectures. But it stayed flat in Saga and went up in Kochi, Nagasaki, Oita, Miyazaki and Okinawa, due to a time lag in reflecting the expanded subsidy program into retail gasoline prices, depending on gasoline inventories at service stations, the ministry said.

The highest price was 192.5 yen in Nagasaki, while the lowest was 179.7 yen in Iwate.

[Copyright The Jiji Press, Ltd.]