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▼ Gasoline Price In Japan Rises Above 160 Yen; May Top 180 Yen Next Week
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The average retail gasoline price in Japan rose to 161.80 yen per liter as of Monday, reflecting higher crude oil prices amid the Iran war, industry ministry data showed, with the price possibly jumping to above 180 yen next week.
The average price advanced 3.30 yen from March 2, rising for the fourth straight week, after the U.S.-Israeli attacks on Iran, launched on Feb. 28, drove up crude oil prices, the Ministry of Economy, Trade and Industry said Wednesday.
The Oil Information Center, which collected the data, estimates the price could hike a further 20 yen next week as tensions in the Middle East continue, stoking fears over crude oil supplies.
The increase in the price of gasoline comes as a headache for Prime Minister Sanae Takaichi's government as it strives to tackle inflation.
Due to the end of a provisional gasoline tax in December, the price of gasoline had been moving at its lowest level in around four and a half years in recent weeks, providing relief for many businesses and car owners.
In mid-January, the price hit as low as 154.70 yen, contributing to a slowing down the country's nationwide inflation to 2.0 percent in the month, the lowest in two years.
According to the ministry, advances in the price of gasoline were recorded in all 47 prefectures as of Monday.
Diesel prices were also 3.2 yen higher than the previous week at 149.8 yen, while the price of kerosene climbed 47 yen to 2,267 yen per 18 liters, the size of a standard home storage tank.
The average price advanced 3.30 yen from March 2, rising for the fourth straight week, after the U.S.-Israeli attacks on Iran, launched on Feb. 28, drove up crude oil prices, the Ministry of Economy, Trade and Industry said Wednesday.
The Oil Information Center, which collected the data, estimates the price could hike a further 20 yen next week as tensions in the Middle East continue, stoking fears over crude oil supplies.
The increase in the price of gasoline comes as a headache for Prime Minister Sanae Takaichi's government as it strives to tackle inflation.
Due to the end of a provisional gasoline tax in December, the price of gasoline had been moving at its lowest level in around four and a half years in recent weeks, providing relief for many businesses and car owners.
In mid-January, the price hit as low as 154.70 yen, contributing to a slowing down the country's nationwide inflation to 2.0 percent in the month, the lowest in two years.
According to the ministry, advances in the price of gasoline were recorded in all 47 prefectures as of Monday.
Diesel prices were also 3.2 yen higher than the previous week at 149.8 yen, while the price of kerosene climbed 47 yen to 2,267 yen per 18 liters, the size of a standard home storage tank.
- 12/3 20:29
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