Japan Average Pump Price Hits 4-Year Low

Tokyo, Dec. 24 (Jiji Press)–The average retail price of regular gasoline in Japan as of Monday stood at 158 yen per liter, the lowest level in about four years and four months, thanks to government subsidies, the industry ministry said Wednesday. The average price at the pump fell 1.7 yen from a week before. The government increased its subsidies to oil wholesalers by a total of 15.1 yen per liter in about a month until Dec. 11, ahead of the planned abolition of the provisional gasoline tax surcharge at the end of this year, with the aim of preventing gasoline prices from fluctuating wildly following the termination of the levy. The subsidies are provided as a measure to curb soaring gasoline prices and are reflected in retail prices in about a week. The average price fell in all 47 prefectures of the country. Aichi saw the lowest average price, at 151.2 yen, while Kagoshima had the highest, at 170.6 yen. Okinawa logged the largest decline, at 3.5 yen, while Nagano and Okayama had the smallest, at 0.4 yen. Retail gasoline prices are expected to drop further in the week after next, thanks to falling crude oil prices, an official at the Oil Information Center of the Institute of Energy Economics said. END [Copyright The Jiji Press, Ltd.]