Jiji Press

TOKYO (Jiji Press) — The average retail price of regular gasoline in Japan as of Tuesday dropped ¥1.5 from a week before to ¥118.9 per liter, marking the lowest level in six years and eight months, the Natural Resources and Energy Agency said Thursday.

The average fell for the 11th straight week, as crude oil prices slumped. The oil price fall reflected major oil-producing countries’ reluctance to cut output and a growing view that the supply-demand balance in the oil market will weaken further owing to China’s economic slowdown.

The average retail price of kerosene decreased ¥30 to ¥1,197 per 18 liters, losing ground for the 26th straight week and hitting the lowest level in six and a half years.

Pump prices declined in all of Japan’s 47 prefectures. Notably, the average price fell ¥2.7 in Shimane, ¥2.6 in Mie and ¥2.5 in Kanagawa.


Gasoline prices are expected to show a further drop in the next survey, said an official at the Oil Information Center, which carries out the survey for the agency.Speech