Japan Average Pump Price Stays below Govt's 170-Yen Target

Tokyo, April 15 (Jiji Press)--Retail prices of regular gasoline in Japan stayed below the government's target of 170 yen per liter on average as of Monday, thanks to state subsidies, industry ministry data showed Wednesday.

The average price at the pump rose 0.1 yen from a week before to 167.50 yen per liter, as soaring crude oil prices amid the worsening situation in the Middle East were offset by the subsidies, which are reflected in retail prices through payments to oil wholesalers.

Subsidies in the week through Wednesday stood at 48.80 yen per liter. The government will provide 35.50 yen per liter for the coming week from Thursday, in response to fluctuations in crude oil prices.

The average price rose in 24 of the country's 47 prefectures, while it fell in 21 prefectures and two reported no change.

Nagasaki logged the highest average price, at 178.10 yen, while Saitama reported the lowest price, at 160.10 yen.

[Copyright The Jiji Press, Ltd.]