Tokyo, Nov. 12 (Jiji Press)–Japan’s average retail price of regular gasoline inched down 0.1 yen from a week earlier to 173.5 yen per liter as of Monday, the industry ministry said Wednesday. The average price at the pump is expected to continue dropping toward the end of the year as the government is set to raise subsidies as part of an agreement reached by the ruling and opposition parties to lower gasoline prices. Starting Thursday, the subsidies will rise from 10 yen per liter to 15 yen and then increase by about 5 yen every two weeks. On Dec. 11, the subsidies will reach 25.1 yen, equal to the provisional gasoline tax surcharge. Both the surcharge and subsidies will be abolished at the end of the year. “We expect a drop in prices corresponding to the increase in subsidies,” the Oil Information Center of the Institute of Energy Economics said of the average gasoline price for the next week. As of Monday, 17 of the country’s 47 prefectures recorded increases in retail gasoline prices, five saw no change and 25 reported falls. The highest average price was 183.9 yen in Kagoshima, while the lowest was 167.4 yen in Saitama. END [Copyright The Jiji Press, Ltd.]
Japan Average Pump Price Drops
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