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. With major wholesalers expected to raise their prices further, the initial amount of subsidies will be as much as 30.2 yen per liter. It is expected to take a week or two for the effect of the subsidies to be reflected in retail prices. Retail prices rose for the fifth consecutive week, with all 47 prefectures of the country logging increases. The highest price was 198.5 yen in Yamagata, northeastern Japan, while Okayama in western Japan logged the largest weekly rise, at 32.1 yen. END [Copyright The Jiji Press, Ltd.]
Japan Pump Price Hits Record High of 190.8 Yen
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