Japan Pump Price Tops 160 Yen for 1st Time in 3 Months

Tokyo, March 11 (Jiji Press)–Retail prices of regular gasoline in Japan surpassed 160 yen per liter on average as of Monday for the first time in three months, reflecting higher crude oil prices following U.S.-Israeli attacks on Iran, the industry ministry said Wednesday. The average price at the pump climbed 3.3 yen from a week earlier to 161.8 yen per liter, marking the fourth consecutive weekly increase. All 47 prefectures of the country saw price rises. Yamagata logged the highest price, at 170.1 yen, and Aichi the lowest, at 155.6 yen. Gasoline prices are expected to rise further next week as refineries have been raising wholesale prices in response to surging oil prices. The gasoline price “could top 180 yen per liter,” an industry official said. The rise in gasoline prices is likely to offset the effect of the removal of the gasoline tax surcharge of 25.1 yen per liter at the end of last year. The finance and energy ministers of the Group of Seven major industrialized economies have agreed to take steps, including a coordinated release of oil reserves, to address supply concerns. “Releasing reserves in Japan alone is possible,” industry minister Ryosei Akazawa said at a parliamentary committee meeting. “We’ll take every possible measure to ensure stable energy supply,” he said. END [Copyright The Jiji Press, Ltd.]