Tokyo, March 18 (Jiji Press)–The average retail price of regular gasoline in Japan as of Monday surged 29 yen from a week earlier to hit a record high of 190.8 yen per liter, the industry ministry said Wednesday. The jump was driven by a spike in wholesale prices after crude oil prices surged following the effective closure of the Strait of Hormuz, a key oil shipping route, in the wake of escalating tensions over Iran. The Japanese government will resume subsidies to oil wholesalers Thursday, aiming to lower the average pump price to around 170 yen per liter. END [Copyright The Jiji Press, Ltd.]
Japan Pump Price Hits Record High of 190.8 Yen
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